Latest news with #Slifka
Yahoo
7 days ago
- Business
- Yahoo
Global Partners' chairman dies at 85
This story was originally published on C-Store Dive. To receive daily news and insights, subscribe to our free daily C-Store Dive newsletter. Global Partners' longtime board chairman Richard Slifka passed away last week at the age of 85, according to a company announcement. Slifka was the son of Global Partners' founder Abraham Slifka, who started the business in the 1930s, and the uncle of Global Partners' President and CEO Eric Slifka. He is survived by his wife, three children and six grandchildren. 'Richard helped lay the foundation for what Global is today, working alongside my father with quiet strength and enduring values,' Eric Slifka said in the announcement. 'He brought diligence, consistency, and a sense of purpose to everything he did, always putting people and community at the center of his work. He will be deeply missed.' Upon joining his father's company in 1963, Slifka and his late brother Fred transformed the business from a heating oil company to a notable wholesale fuel distributor and convenience retailer. Today, Global Partners' portfolio includes nearly 1,700 owned, leased or supplied gasoline stations, including 300 directly operated convenience stores, primarily in the Northeast Slifka held numerous leadership positions during his six decades with Global Partners, formerly known as Global Companies, including treasurer; director; president of Global Petroleum, a privately held affiliated company; and vice chairman. He had been chairman since 2014. Slifka was also president of the Independent Fuel Terminal Operators Association and a past director of the New England Fuel Institute. He was involved with Global Partners' charitable work, having sat on the board of directors of Boston-based homeless shelter St. Francis House and Boston Medical Center in addition to being a director of the National Multiple Sclerosis Society. A spokesperson from Global Partners said they had no information on who Slifka's replacement will be atop the company's board of directors. Recommended Reading How Global Partners is embracing change in 2024
Yahoo
28-05-2025
- Business
- Yahoo
Shell Reshapes Operations in Indonesia With Fuel Business Divestment
Shell plc's SHEL Indonesian affiliate has taken a bold step in reshaping its business strategy by divesting fuel retail operations to a joint venture between Citadel Pacific Limited and Sefas Group. This transaction includes the transfer of around 200 gas stations and a fuel storage terminal located in Gresik, with completion expected by next year. Despite this move, Shell remains firmly rooted in Indonesia. The company emphasized that it will continue to operate under brand licensing agreements, maintaining visibility and legacy in the region. The acquiring joint venture brings together the strengths of two long-standing Shell partners. Citadel Pacific, a private holding company based in the Philippines, has its presence across various industries like aviation-related services, telecommunication, gas distribution and fuel marketing. The company licenses the Shell brand across multiple territories, including Guam, Hong Kong and Macau. Sefas Group, on the other hand, is Indonesia's largest Shell lubricants distributor. Their collaboration signals continuity for customers and partners, backed by a solid history of representing the Shell brand across various markets. While Shell is stepping away from fuel retailing, it is optimizing the portfolio by doubling down on the lubricants business in Indonesia, a market described as key for growth. Shell operates a major lubricant blending plant in the country with a capacity of up to 300 million litres annually and a new grease manufacturing plant is currently under construction. With this repositioning, Shell reinforces its strengths in high-growth, high-margin segments that can alleviate its profitability in the future. London-based Shell is one of the primary oil supermajors, a group of U.S. and Europe-based big energy multinationals with operations that span almost every corner of the globe. Currently, SHEL has a Zacks Rank #5 (Strong Sell). Investors interested in the energy sector might look at some better-ranked stocks like Flotek Industries, Inc. FTK, Global Partners LP GLP and RPC, Inc. RES. While Flotek Industries and Global Partners currently sport a Zacks Rank #1 (Strong Buy) each, RPC carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here. Flotek Industries develops and delivers prescriptive chemistry-based technology, including specialty chemicals, to clients in the energy, consumer industrials and food & beverage industries. The Zacks Consensus Estimate for FTK's 2025 earnings indicates 55.88% year-over-year growth. Global Partners is a Delaware limited partnership formed by affiliates of the Slifka family. The company owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. The Zacks Consensus Estimate for Global Partners' 2025 earnings indicates 17.84% year-over-year growth. Atlanta, GA-based RPC is an oilfield service provider in almost all of the prospective plays, like the Rocky Mountain regions, Appalachian area, Gulf of Mexico and other resources in the United States. The Zacks Consensus Estimate for RES' next quarter earnings indicates 33.33% growth. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Global Partners LP (GLP) : Free Stock Analysis Report RPC, Inc. (RES) : Free Stock Analysis Report Flotek Industries, Inc. (FTK) : Free Stock Analysis Report Shell PLC Unsponsored ADR (SHEL) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
22-05-2025
- Business
- Yahoo
GeoPark Exits Vaca Muerta Deal, Focuses on Strategic Growth Plans
GeoPark Limited GPRK recently announced the termination of its previously disclosed agreement with Phoenix Global Resources, which involved acquiring a non-operated working interest in four unconventional blocks in Argentina's Vaca Muerta. The deal, governed by a FarmOut Agreement, included an 'Outside Date' clause that allowed either party to withdraw by May 13, 2025. Phoenix exercised this option, leading to the transaction's cancellation. Despite the withdrawal, GeoPark remains undeterred and focused on its long-term strategy built around sustainable, profitable growth in Latin America's energy sector. In April 2024, GeoPark made a strategic move by offering to buy a non-operated working interest in Argentina's Neuquen Basin's Vaca Muerta Formation. The acquisition was expected to close in the third quarter of 2024, pending regulatory approval and would add over 5,000 barrels of oil equivalent per day to GeoPark's production. The $200 million deal, with an additional $110-$120 million earmarked for exploration over two years, was decided to be funded through cash, credit facilities and new financing while maintaining a net debt-to-adjusted EBITDA ratio below 1.1x. GeoPark reaffirmed its commitment to its "North Star" strategic pillars — developing big assets in prolific basins with a disciplined and dependable approach. With $330 million in cash, a net leverage ratio under 1.0x and a hedging program covering 87% of its 2025 volumes, the company is well-positioned to pursue other strategic avenues. GeoPark continues to strengthen its core by maximizing returns from high-value projects in its current portfolio, pursuing inorganic growth through carefully evaluated opportunities within its core geographies and maintaining strategic flexibility, considering options such as share buybacks, debt reduction or dividends based on prevailing market conditions. Hamilton, Bermuda-based GeoPark is an explorer, operator and consolidator of oil and gas. The company operates primarily in Chile, Colombia, Brazil and Argentina. Currently, GPRK has a Zacks Rank #5 (Strong Sell). Investors interested in the energy sector might look at some top-ranked stocks like Prairie Operating Co. PROP, Global Partners LP GLP and Expand Energy Corporation EXE. While Prairie Operating and Global Partners currently sport a Zacks Rank #1 (Strong Buy) each, Expand Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here. Houston-based Prairie Operating is an independent energy company engaged in the development and acquisition of proven, producing oil and natural gas resources principally in the United States. The Zacks Consensus Estimate for PROP's 2025 earnings indicates 389.05% year-over-year growth. Global Partners is a Delaware limited partnership formed by affiliates of the Slifka family. Global Partners owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. The Zacks Consensus Estimate for GLP's 2025 earnings indicates 17.84% year-over-year growth. Expand Energy is a leading U.S.-based natural gas producer formed through the merger of Chesapeake Energy Corporation and Southwestern Energy Company. The Zacks Consensus Estimate for EXE's 2025 earnings indicates 444.68% year-over-year growth. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Global Partners LP (GLP) : Free Stock Analysis Report Geopark Ltd (GPRK) : Free Stock Analysis Report Prairie Operating Co. (PROP) : Free Stock Analysis Report Expand Energy Corporation (EXE) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
21-05-2025
- Business
- Yahoo
Chevron Eyes Return to Indonesia With Focus on Large Gas Reserves
Chevron Corporation CVX is reportedly setting its sights on major oil and gas opportunities in Indonesia, marking a potential return to a region it exited in 2023. Indonesia's upstream regulator states that the company is eyeing blocks with estimated gas reserves of around 15 trillion cubic feet (Tcf) — a sizable target that reflects its ambitions in Southeast Asia. Indonesia is expected to offer new exploration blocks in regions like Bali and the eastern parts of the country. Although Chevron has not yet confirmed specific details, its early evaluation of some of the potential assets in the country highlights its serious interest in the region's untapped energy potential. For a long time, Chevron has been facing setbacks in its international operations, specifically in Venezuela and Kazakhstan, due to rising geopolitical complexity. Venezuelan liftings to the United States have halted due to license limitations, and Kazakhstan's output growth has drawn scrutiny amid OPEC+ dynamics. Therefore, CVX's interest in Indonesian oil and gas blocks is of utmost importance, as it can create a positive trajectory for the company, given that Indonesia's assets have high oil and gas output potential. Chevron's interest comes just a few years after it divested from the Indonesia Deepwater Development (IDD) project. Located in the Makassar Strait, IDD comprised the Bangka and Gendalo-Gehem gas projects, with a combined recoverable resource of nearly 3 Tcf. Development had stalled due to a redesign of the facility, prompting Chevron to withdraw. Now, the company appears ready to re-enter the Indonesian upstream sector, focusing on larger reserves and potentially more favorable project conditions. Houston, TX-based Chevron is one of the largest publicly traded oil and gas companiesthat participates in every aspect related to energy —from oil production to refining and marketing. Currently, CVX has a Zacks Rank #5 (Strong Sell). Investors interested in the energy sector might look at some top-ranked stocks like Prairie Operating Co. PROP, Global Partners LP GLP and RPC, Inc. RES. While Prairie Operating and Global Partners currently sport a Zacks Rank #1 (Strong Buy) each, RPC carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here. Houston-based Prairie Operating is an independent energy company engaged in the development and acquisition of proven, producing oil and natural gas resources principally in the United States. The Zacks Consensus Estimate for PROP's 2025 earnings indicates 389.05% year-over-year growth. Global Partners is a Delaware limited partnership formed by affiliates of the Slifka family. Global Partners owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. The Zacks Consensus Estimate for GLP's 2025 earnings indicates 17.84% year-over-year growth. Atlanta, GA-based RPC is an oilfield service provider in almost all of the prospective plays, like the Rocky Mountain regions, Appalachian area, Gulf of Mexico and other resources in the United States. The Zacks Consensus Estimate for RES' next quarter earnings indicates 33.33% growth. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chevron Corporation (CVX) : Free Stock Analysis Report Global Partners LP (GLP) : Free Stock Analysis Report RPC, Inc. (RES) : Free Stock Analysis Report Prairie Operating Co. (PROP) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Business Wire
08-05-2025
- Business
- Business Wire
Global Partners LP Reports First-Quarter 2025 Financial Results
WALTHAM, Mass.--(BUSINESS WIRE)--Global Partners LP (NYSE: GLP) today reported financial results for the first quarter ended March 31, 2025. 'Global delivered solid first-quarter results, highlighting the strength of our integrated assets and the creativity of our team,' said Eric Slifka, President and CEO of Global Partners. 'Our diversified portfolio of terminals, retail assets, and supply capabilities continues to demonstrate its value, particularly during periods of market volatility and regulatory uncertainty.' 'Our Wholesale segment performed well, driven by the successful integration of additional terminal assets, strong execution across the team, and a favorable market backdrop. Our Gasoline Distribution business also benefited from healthy fuel margins, further strengthening our performance.' 'At Global, the power of our scale, the resiliency of our integrated model, and the ingenuity of our people position us to not just weather disruption—but to find opportunity within it,' Slifka said. 'We remain focused on delivering long-term growth through disciplined execution, operational excellence, and the strong foundation built over decades of partnership and service.' First-Quarter 2025 Financial Highlights Net income in the first quarter of 2025 was $18.7 million, or $0.36 per diluted common limited partner unit, compared with a net loss of $5.6 million, or $0.37 per common limited partner unit, in the same period of 2024. Earnings before interest, taxes, depreciation and amortization (EBITDA) was $91.9 million in the first quarter of 2025 compared with $56.9 million in the same period of 2024. Adjusted EBITDA was $91.1 million in the first quarter of 2025 versus $56.0 million in the same period of 2024. Distributable cash flow (DCF) was $45.7 million in the first quarter of 2025 compared with $15.8 million in the same period of 2024. Adjusted DCF was $46.4 million in the first quarter of 2025 compared with $16.0 million in the same period of 2024. Gross profit in the first quarter of 2025 was $255.2 million compared with $215.1 million in the same period of 2024. Combined product margin, which is gross profit adjusted for depreciation allocated to cost of sales, was $288.6 million in the first quarter of 2025 compared with $244.1 million in the same period of 2024. Combined product margin, EBITDA, adjusted EBITDA, DCF and adjusted DCF are non-GAAP (Generally Accepted Accounting Principles) financial measures, which are explained in greater detail below under 'Use of Non-GAAP Financial Measures.' Please refer to Financial Reconciliations included in this news release for reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures for the three months ended March 31, 2025, and 2024. GDSO segment product margin was $187.9 million in the first quarter of 2025 compared with $187.7 million in the same period of 2024. Product margin from gasoline distribution increased to $125.8 million from $121.6 million in the year-earlier period, primarily due to higher fuel margins (cents per gallon). Product margin from station operations decreased to $62.1 million from $66.1 million in the first quarter of 2024, due in part to the sales and conversions of certain company-operated sites and to a decrease in sundries. Wholesale segment product margin was $93.6 million in the first quarter of 2025 compared with $49.4 million in the same period of 2024. Gasoline and gasoline blendstocks product margin was $57.1 million compared with $29.7 million in the same period of 2024, primarily due to more favorable market conditions, largely in gasoline, and to the addition of terminal assets acquired in 2024. Product margin from distillates and other oils was $36.5 million in the first quarter of 2025 compared with $19.7 million in the same period of 2024, primarily due to more favorable market conditions in distillates. Commercial segment product margin was $7.1 million in the first quarter of 2025 compared with $7.0 million in the same period of 2024, in part due to more favorable market conditions. Total sales were $4.6 billion in the first quarter of 2025 compared with $4.1 billion in the same period of 2024. Wholesale segment sales were $3.2 billion in the first quarter of 2025 compared with $2.6 billion in the same period of 2024. GDSO segment sales were $1.1 billion in the first quarter of 2025 versus $1.2 billion in the same period of 2024. Commercial segment sales were $275.1 million in the first quarter of 2025 compared with $278.6 million in the same period of 2024. Total volume was 1.9 billion gallons in the first quarter of 2025 compared with 1.6 billion gallons in the same period of 2024. Wholesale segment volume was 1.4 billion gallons in the first quarter of 2025 compared with 1.1 billion gallons in the same period of 2024. GDSO volume was 357.6 million gallons in the first quarter of 2025 compared with 364.3 million gallons in the same period of 2024. Commercial segment volume was 124.8 million gallons in the first quarter of 2025 compared with 120.7 million gallons in the same period of 2024. Recent Developments Global announced a cash distribution of $0.7450 per unit ($2.98 per unit on an annualized basis) on all of its outstanding common units from January 1, 2025 through March 31, 2025. The distribution will be paid on May 15, 2025 to unitholders of record as of the close of business on May 9, 2025. Financial Results Conference Call Management will review the Partnership's first-quarter 2025 financial results in a teleconference call for analysts and investors today. Please plan to dial in to the call at least 10 minutes prior to the start time. The call also will be webcast live and archived on Global Partners' website, About Global Partners LP Building on a legacy that began more than 90 years ago, Global Partners LP has evolved into a Fortune 500 company and industry-leading integrated owner, supplier, and operator of liquid energy terminals, fueling locations, and guest-focused retail experiences. The company operates or maintains dedicated storage at 54 liquid energy terminals—with connectivity to strategic rail, pipeline, and marine assets—spanning from Maine to Florida and into the U.S. Gulf States. Through this extensive network, Global Partners distributes gasoline, distillates, residual oil, and renewable fuels to wholesalers, retailers, and commercial customers. In addition, the company owns, operates and/or supplies approximately 1,700 retail locations across the Northeast states, the Mid-Atlantic, and Texas, providing the fuels people need to keep them on the go at its unique guest-focused convenience destinations. Recognized as one of Fortune's Most Admired Companies, Global Partners is embracing progress and diversifying to meet the needs of the energy transition. Global Partners, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol 'GLP.' For additional information, visit Use of Non-GAAP Financial Measures Product Margin Global Partners views product margin as an important performance measure of the core profitability of its operations. The Partnership reviews product margin monthly for consistency and trend analysis. Global Partners defines product margin as product sales minus product costs. Product sales primarily include sales of unbranded and branded gasoline, distillates, residual oil, renewable fuels and crude oil, as well as convenience store and prepared food sales, gasoline station rental income and revenue generated from logistics activities when the Partnership engages in the storage, transloading and shipment of products owned by others. Product costs include the cost of acquiring products and all associated costs including shipping and handling costs to bring such products to the point of sale as well as product costs related to convenience store items and costs associated with logistics activities. The Partnership also looks at product margin on a per unit basis (product margin divided by volume). Product margin is a non-GAAP financial measure used by management and external users of the Partnership's consolidated financial statements to assess its business. Product margin should not be considered an alternative to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, product margin may not be comparable to product margin or a similarly titled measure of other companies. EBITDA and Adjusted EBITDA EBITDA and adjusted EBITDA are non-GAAP financial measures used as supplemental financial measures by management and may be used by external users of Global Partners' consolidated financial statements, such as investors, commercial banks and research analysts, to assess the Partnership's: compliance with certain financial covenants included in its debt agreements; financial performance without regard to financing methods, capital structure, income taxes or historical cost basis; ability to generate cash sufficient to pay interest on its indebtedness and to make distributions to its partners; operating performance and return on invested capital as compared to those of other companies in the wholesale, marketing, storing and distribution of refined petroleum products, gasoline blendstocks, renewable fuels, crude oil and propane, and in the gasoline stations and convenience stores business, without regard to financing methods and capital structure; and viability of acquisitions and capital expenditure projects and the overall rates of return of alternative investment opportunities. Adjusted EBITDA is EBITDA further adjusted for gains or losses on the sale and disposition of assets, goodwill and long-lived asset impairment charges and Global's proportionate share of EBITDA related to its joint ventures accounted for using the equity method. EBITDA and adjusted EBITDA should not be considered as alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA and adjusted EBITDA exclude some, but not all, items that affect net income, and these measures may vary among other companies. Therefore, EBITDA and adjusted EBITDA may not be comparable to similarly titled measures of other companies. Distributable Cash Flow and Adjusted Distributable Cash Flow Distributable cash flow is an important non-GAAP financial measure for the Partnership's limited partners since it serves as an indicator of Global's success in providing a cash return on their investment. Distributable cash flow as defined by the Partnership's partnership agreement (the 'partnership agreement') is net income plus depreciation and amortization minus maintenance capital expenditures, as well as adjustments to eliminate items approved by the audit committee of the board of directors of the Partnership's general partner that are extraordinary or non-recurring in nature and that would otherwise increase distributable cash flow. Distributable cash flow as used in the partnership agreement also determines Global's ability to make cash distributions on its incentive distribution rights. The investment community also uses a distributable cash flow metric similar to the metric used in the partnership agreement with respect to publicly traded partnerships to indicate whether or not such partnerships have generated sufficient earnings on a current or historical level that can sustain distributions on preferred or common units or support an increase in quarterly cash distributions on common units. The partnership agreement does not permit adjustments for certain non-cash items, such as net losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges. Adjusted distributable cash flow is a non-GAAP financial measure intended to provide management and investors with an enhanced perspective of the Partnership's financial performance. Adjusted distributable cash flow is distributable cash flow (as defined in the partnership agreement) further adjusted for Global's proportionate share of distributable cash flow related to its joint ventures accounted for using the equity method. Adjusted distributable cash flow is not used in the partnership agreement to determine the Partnership's ability to make cash distributions and may be higher or lower than distributable cash flow as calculated under the partnership agreement. Distributable cash flow and adjusted distributable cash flow should not be considered as alternatives to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, the Partnership's distributable cash flow and adjusted distributable cash flow may not be comparable to distributable cash flow or similarly titled measures of other companies. Forward-looking Statements Certain statements and information in this press release may constitute 'forward-looking statements.' The words 'believe,' 'expect,' 'anticipate,' 'plan,' 'intend,' 'foresee,' 'should,' 'would,' 'could' or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Global's current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership's control) including, without limitation, uncertainty around the timing of an economic recovery in the United States which will impact the demand for the products we sell and the services that we provide, and assumptions that could cause actual results to differ materially from the Partnership's historical experience and present expectations or projections. We believe these assumptions are reasonable given currently available information. Our assumptions and future performance are subject to a wide range of business risks, uncertainties and factors, which are described in our filings with the Securities and Exchange Commission (SEC). For additional information regarding known material factors that could cause actual results to differ from the Partnership's projected results, please see Global's filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Global undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise. GLOBAL PARTNERS LP CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) March 31, December 31, 2025 2024 Assets Current assets: Cash and cash equivalents $ 7,478 $ 8,208 Accounts receivable, net 577,514 472,591 Accounts receivable - affiliates 5,334 6,250 Inventories 517,432 594,072 Brokerage margin deposits 18,428 20,135 Derivative assets 15,895 13,710 Prepaid expenses and other current assets 101,186 92,414 Total current assets 1,243,267 1,207,380 Property and equipment, net 1,688,899 1,706,605 Right of use assets, net 299,203 302,199 Intangible assets, net 17,271 18,683 Goodwill 421,913 421,913 Equity method investments 106,793 92,709 Other assets 41,219 38,709 Total assets $ 3,818,565 $ 3,788,198 Liabilities and partners' equity Current liabilities: Accounts payable $ 520,405 $ 509,975 Working capital revolving credit facility - current portion 254,700 129,500 Lease liability - current portion 56,191 56,780 Environmental liabilities - current portion 7,704 7,704 Trustee taxes payable 74,636 66,753 Accrued expenses and other current liabilities 145,621 223,304 Derivative liabilities 7,517 6,105 Total current liabilities 1,066,774 1,000,121 Working capital revolving credit facility - less current portion 100,000 100,000 Revolving credit facility 167,000 167,000 Senior notes 1,187,421 1,186,723 Lease liability - less current portion 249,069 251,745 Environmental liabilities - less current portion 90,495 91,367 Financing obligations 133,353 134,475 Deferred tax liabilities 60,872 63,548 Other long-term liabilities 68,085 76,606 Total liabilities 3,123,069 3,071,585 Partners' equity 695,496 716,613 Total liabilities and partners' equity $ 3,818,565 $ 3,788,198 Expand GLOBAL PARTNERS LP FINANCIAL RECONCILIATIONS (In thousands) (Unaudited) Three Months Ended 2025 2024 Reconciliation of gross profit to product margin: Wholesale segment: Gasoline and gasoline blendstocks $ 57,169 $ 29,761 Distillates and other oils 36,471 19,659 Total 93,640 49,420 Gasoline Distribution and Station Operations segment: Gasoline distribution 125,751 121,630 Station operations 62,112 66,087 Total 187,863 187,717 Commercial segment 7,145 6,968 Combined product margin 288,648 244,105 Depreciation allocated to cost of sales (33,407 ) (28,970 ) Gross profit $ 255,241 $ 215,135 Reconciliation of net income (loss) to EBITDA and adjusted EBITDA: Net income (loss) $ 18,684 $ (5,602 ) Depreciation and amortization 35,905 32,486 Interest expense 36,039 29,696 Income tax expense 1,230 363 EBITDA 91,858 56,943 Net gain on sale and disposition of assets (2,490 ) (2,501 ) (Income) loss from equity method investments (1) (66 ) 1,379 EBITDA related to equity method investment (2) 1,837 187 Adjusted EBITDA $ 91,139 $ 56,008 Reconciliation of net cash used in operating activities to EBITDA and adjusted EBITDA: Net cash used in operating activities $ (51,590 ) $ (182,702 ) Net changes in operating assets and liabilities and certain non-cash items 106,179 209,586 Interest expense 36,039 29,696 Income tax expense 1,230 363 EBITDA 91,858 56,943 Net gain on sale and disposition of assets (2,490 ) (2,501 ) (Income) loss from equity method investments (1) (66 ) 1,379 EBITDA related to equity method investment (2) 1,837 187 Adjusted EBITDA $ 91,139 $ 56,008 Reconciliation of net income (loss) to distributable cash flow and adjusted distributable cash flow: Net income (loss) $ 18,684 $ (5,602 ) Depreciation and amortization 35,905 32,486 Amortization of deferred financing fees 1,873 1,831 Amortization of routine bank refinancing fees (1,193 ) (1,193 ) Maintenance capital expenditures (9,580 ) (11,737 ) Distributable cash flow (3)(4) 45,689 15,785 (Income) loss from equity method investments (1) (66 ) 1,379 Distributable cash flow from equity method investment (2) 797 (1,143 ) Adjusted distributable cash flow 46,420 16,021 Distributions to preferred unitholders (5) (1,781 ) (3,916 ) Adjusted distributable cash flow after distributions to preferred unitholders $ 44,639 $ 12,105 Reconciliation of net cash used in operating activities to distributable cash flow and adjusted distributable cash flow: Net cash used in operating activities $ (51,590 ) $ (182,702 ) Net changes in operating assets and liabilities and certain non-cash items 106,179 209,586 Amortization of deferred financing fees 1,873 1,831 Amortization of routine bank refinancing fees (1,193 ) (1,193 ) Maintenance capital expenditures (9,580 ) (11,737 ) Distributable cash flow (3)(4) 45,689 15,785 (Income) loss from equity method investments (1) (66 ) 1,379 Distributable cash flow from equity method investment (2) 797 (1,143 ) Adjusted distributable cash flow 46,420 16,021 Distributions to preferred unitholders (5) (1,781 ) (3,916 ) Adjusted distributable cash flow after distributions to preferred unitholders $ 44,639 $ 12,105 (1) Represents the Partnership's proportionate share of income (loss) related to the Partnership's interests in its equity method investments. (2) Represents the Partnership's proportionate share of EBITDA and distributable cash flow, as applicable, related to the Partnership's 49.99% interest in its Spring Valley Partners Retail LLC joint venture. (3) As defined by the Partnership's partnership agreement, distributable cash flow is not adjusted for certain non-cash items, such as net losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges. (4) Distributable cash flow includes a net gain on sale and disposition of assets $2.5 million for each of the three months ended March 31, 2025 and 2024. Distributable cash flow also includes income (loss) from equity method investments of $0.1 million and ($1.4 million) for the three months ended March 31, 2025 and 2024, respectively. (5) Distributions to preferred unitholders represent the distributions payable to the Series A preferred unitholders and the Series B preferred unitholders earned during the period. Distributions on the Series A preferred units and the Series B preferred units are cumulative and payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year. On April 15, 2024, all of the Partnership's Series A preferred units were redeemed and are no longer outstanding. Expand
