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Global Partners LP - GLP STOCK NEWS

Welcome to our dedicated page for Global Partners LP news (Ticker: GLP), a resource for investors and traders seeking the latest updates and insights on Global Partners LP stock.

Global Partners LP (GLP) is a publicly traded master limited partnership specializing in midstream logistics and marketing. With a significant presence in the Northeast, the company boasts one of the largest terminal networks for petroleum products and renewable fuels. GLP’s core business involves the purchasing, selling, storing, and transportation of these products, ensuring a steady supply to wholesalers, retailers, and commercial customers across New England and New York.

One of GLP’s distinguishing features is its extensive distribution network. The company is a major distributor of gasoline, distillates, residual oil, and renewable fuels. Additionally, it operates a virtual pipeline that facilitates the transportation of crude oil and other products from the Midwest and Canada to both U.S. coasts, enhancing the efficiency and reach of its operations.

GLP’s retail operations are equally impressive, with nearly 1,600 locations primarily in the Northeast. These include well-known convenience store brands such as Alltown, Mr. Mike's, Xtramart, On the Run, and Fast Freddie's. This makes GLP one of the largest independent owners, suppliers, and operators of gasoline stations and convenience stores in the region.

The company operates through three primary segments: Wholesale, Gasoline Distribution and Station Operations, and Commercial. The Wholesale segment generates the most revenue, underscoring its importance to GLP’s overall business model.

In recent years, GLP has achieved notable milestones, including its ranking at No. 180 on the Fortune 500 list of America’s largest companies. This reflects its robust financial health and strategic growth initiatives.

Overall, Global Partners LP stands as a key player in the energy sector, known for its extensive network, diverse product offerings, and significant contributions to the regional fuel supply chain.

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Global Partners LP (NYSE: GLP) has announced the availability of its 2023 Schedule K-3, which contains information on items of international tax relevance. Unitholders can access their Schedule K-3 online at www.taxpackagesupport.com/globalpartners. This information is primarily relevant for foreign unitholders, those computing foreign tax credits, and certain corporate or partnership unitholders. The Partnership advises unitholders to review the information and consult with their tax advisors if necessary. Global Partners LP will not be mailing physical copies of the Schedule K-3 to investors. However, unitholders can request an electronic copy via email by calling Tax Package Support at (866) 867-4075 on weekdays between 8 a.m. and 5 p.m. CT.

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Global Partners LP (NYSE: GLP) reported strong Q2 2024 financial results, with growth across all key metrics. Net income rose to $46.1 million ($1.10 per diluted unit), up from $41.4 million in Q2 2023. EBITDA increased to $118.8 million from $90.7 million, while Adjusted EBITDA reached $121.1 million, up from $90.4 million. The company's strategic acquisitions expanded its Wholesale segment, doubling storage capacity to 21.4 million barrels. Gross profit grew to $287.9 million, with combined product margin rising to $319.6 million. The GDSO segment saw product margin increase to $221.5 million, while Wholesale segment margin grew to $91.9 million. Total sales reached $4.4 billion, with total volume at 1.6 billion gallons.

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Global Partners LP (NYSE: GLP) has announced a cash distribution of $0.7200 per unit for the second quarter of 2024, equivalent to $2.88 per unit on an annualized basis. The distribution will be paid on August 14, 2024 to unitholders of record as of August 8, 2024. The company also provided a qualified notice to brokers and nominees regarding withholding information for non-U.S. investors. 100% of Global Partners LP's distributions to non-U.S. investors are considered attributable to income effectively connected with a U.S. trade or business and subject to federal income tax withholding at the highest applicable effective tax rate plus 10%.

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Global Partners LP (NYSE: GLP) has announced its upcoming second-quarter 2024 financial results conference call, scheduled for August 7, 2024. The company will release its financial results before the market opens on that day. At 10:00 a.m. ET, the Partnership will host a conference call for investors and analysts, featuring key executives including Eric Slifka (President and CEO), Gregory B. Hanson (CFO), and Mark Romaine (COO).

Interested parties can access the call by dialing (877) 709-8155 (U.S. and Canada) or (201) 689-8881 (International). For those unable to attend live, an audio replay will be available on the Global Partners website in the 'Events & Presentations' section of the 'Investors' page at https://ir.globalp.com.

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Global Partners LP (NYSE: GLP) has announced a quarterly cash distribution of $0.59375 per unit ($2.375 per unit annualized) on its 9.50% fixed-rate Series B preferred units. This distribution covers the period from May 15, 2024, through August 14, 2024, and will be paid on August 15, 2024, to Series B preferred unitholders of record as of August 1, 2024.

The company also provided a qualified notice to brokers and nominees regarding withholding requirements for non-U.S. investors. 100% of Global Partners LP's distributions to non-U.S. investors are considered attributable to income effectively connected with a U.S. trade or business and subject to federal income tax withholding at the highest applicable effective tax rate plus 10%.

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Global Partners LP (NYSE: GLP) reported financial results for the first quarter of 2024, highlighting strong performance in the Gasoline Distribution and Station Operations segment. The Wholesale segment faced challenges due to mark-to-market valuations but recovered in April. The company successfully integrated acquired assets and closed a significant acquisition. Despite a net loss of $5.6 million, the company remains optimistic about growth opportunities.

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Global Partners LP (NYSE: GLP) declared a cash distribution of $0.7100 per unit ($2.84 annually) on common units for the first quarter of 2024. The distribution will be paid on May 15, 2024, to unitholders of record as of May 9, 2024. Non-U.S. investors are subject to federal income tax withholding on the distributions.
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Global Partners LP (GLP) will host a conference call on May 8, 2024, to discuss its first-quarter 2024 financial results. The call will be led by Eric Slifka, President, and CEO, Gregory B. Hanson, CFO, and Mark Romaine, COO.
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Global Partners LP (GLP) declares a quarterly cash distribution of $0.59375 per unit on its 9.50% fixed-rate Series B preferred units, totaling $2.375 per unit annually. The distribution will be paid on May 15, 2024, to unitholders of record as of May 1, 2024. Non-U.S. investors will be subject to federal income tax withholding on the distributions.
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Global Partners LP (GLP) successfully acquires four liquid energy terminals from Gulf Oil, enhancing its presence in the Northeast energy market. With a combined shell capacity of 3.0 million barrels, these terminals will boost Global's storage and distribution capabilities for gasoline, distillates, and ethanol. The strategic acquisition aligns with Global's growth strategy, allowing the company to capitalize on high-demand markets and expand its network.
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FAQ

What is the current stock price of Global Partners LP (GLP)?

The current stock price of Global Partners LP (GLP) is $43.99 as of September 12, 2024.

What is the market cap of Global Partners LP (GLP)?

The market cap of Global Partners LP (GLP) is approximately 1.5B.

What does Global Partners LP do?

Global Partners LP specializes in the logistics and marketing of petroleum products and renewable fuels, including transportation, storage, and distribution.

Where are Global Partners LP's operations primarily located?

Global Partners LP operates primarily in the Northeast, including Massachusetts, Maine, Connecticut, Vermont, and other areas.

What are the primary business segments of Global Partners LP?

The company operates through three segments: Wholesale, Gasoline Distribution and Station Operations, and Commercial.

What kind of products does Global Partners LP distribute?

GLP distributes gasoline, distillates, residual oil, renewable fuels, crude oil, natural gas, and propane.

How extensive is Global Partners LP's retail network?

Global Partners LP has nearly 1,600 gasoline stations and convenience stores primarily in the Northeast.

What are some of the convenience store brands operated by Global Partners LP?

The company operates several convenience store brands such as Alltown, Mr. Mike's, Xtramart, On the Run, and Fast Freddie's.

What is the significance of Global Partners LP's virtual pipeline?

The virtual pipeline allows GLP to efficiently transport crude oil and products from the Midwest and Canada to the U.S. coasts, improving distribution capabilities.

How does Global Partners LP rank among America's largest companies?

Global Partners LP is ranked No. 180 on the Fortune 500 list.

Which business segment generates the most revenue for Global Partners LP?

The Wholesale segment is the highest revenue-generating segment for GLP.

What recent achievements has Global Partners LP accomplished?

GLP's significant achievements include its robust financial performance and strategic initiatives, solidifying its ranking on the Fortune 500 list.

Global Partners LP

NYSE:GLP

GLP Rankings

GLP Stock Data

1.48B
34.00M
18.58%
42.79%
2.31%
Oil & Gas Midstream
Wholesale-petroleum Bulk Stations & Terminals
Link
United States of America
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