GLP on NYSE

GLOBAL PARTNERS LP

Wholesale-petroleum bulk stations and terminals company, listed on NYSE (GLP)1

In its 2026 annual report the company says: “We are a master limited partnership formed in March 2005. We own, control or have access to a large terminal network of refined petroleum products and renewable fuels—with connectivity to strategic rail, pipeline and marine assets—spanning from Maine to Florida and into the U.S. Gulf States.”65 It is headquartered in Newton, Massachusetts.1

$48.74 up 0.59 (1.23%)Price as of Oct 15, 2026 at 19:45 UTC

Last updated Oct 20, 2026.

Overview

Compare with MARTIN MIDSTREAM PARTNERS L.P., or pick any stock.

  • TickerGLP on NYSE1
  • IndustryWholesale-Petroleum Bulk Stations & Terminals1
  • HeadquartersNewton, Massachusetts1
  • Business address275 Grove Street, Suite 3-400, Newton, Ma 024663
  • Filer categoryLarge accelerated filer3

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

12.2%Gross margin5
2.7%Operating margin5
1.1%Net margin5
0.3%Revenue growth, 20255

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Refined petroleum products, renewable fuels and crude oil brought in 95% of the revenue GLOBAL PARTNERS LP broke down this way in fiscal 2025.

  1. Refined petroleum products, renewable fuels and crude oil$8.3B595%up 1% from 2024
  2. Convenience store and prepared food sales, rental income and sundries$461.5M55%down 4% from 2024
Products and services by year
Products and services202320242025
Refined petroleum products, renewable fuels and crude oil$9.3B$8.2B$8.3B
Convenience store and prepared food sales, rental income and sundries$490.9M$482.0M$461.5M

Business segments

GDSO brought in 54% of the revenue GLOBAL PARTNERS LP broke down this way in fiscal 2025.

  1. GDSO$4.7B554%down 11% from 2024
  2. Wholesale$3.2B537%up 20% from 2024
  3. Commercial$803.6M59%up 11% from 2024
Business segments by year
Business segments202320242025
GDSO$5.8B$5.3B$4.7B
Wholesale$3.3B$2.7B$3.2B
Commercial$689.2M$725.4M$803.6M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue98¢$17.5B
  • Selling, general and admin2¢$305.7M
  • Income tax0¢$1.1M
  • Profit1¢$98.0M

Out of $8.7B in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Share buybacks4¢$10.0M
  • Kept or used elsewhere96¢$274.8M

Out of $284.8M of cash from operations.5

Financial statements

Revenue67895$8.7B in 2025+32% since 2019
0$5.0B$10.0B$15.0B2019: $6.6B$6.6B20192020: $4.5B$4.5B2020−31%2021: $7.6B$7.6B2021+67%2022: $11.1B$11.1B2022+47%2023: $9.8B$9.8B2023−13%2024: $8.7B$8.7B2024−11%2025: $8.7B$8.7B2025+0%
Gross profit67895$1.1B in 2025+60% since 2019
0$500.0M$1.0B$1.5B2019: $662.8M$662.8M20192020: $721.1M$721.1M2020+9%2021: $719.3M$719.3M2021−0%2022: $1.1B$1.1B2022+53%2023: $973.6M$973.6M2023−11%2024: $1.1B$1.1B2024+9%2025: $1.1B$1.1B2025+0%
Operating income67895$234.7M in 2025+69% since 2019
0$200.0M$400.0M$600.0M2019: $139.2M$139.2M20192020: $192.3M$192.3M2020+38%2021: $142.2M$142.2M2021−26%2022: $460.3M$460.3M2022+224%2023: $243.8M$243.8M2023−47%2024: $251.2M$251.2M2024+3%2025: $234.7M$234.7M2025−7%
Net income67895$98.0M in 2025+173% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $35.9M$35.9M20192020: $102.2M$102.2M2020+185%2021: $60.8M$60.8M2021−41%2022: $362.2M$362.2M2022+496%2023: $152.5M$152.5M2023−58%2024: $110.3M$110.3M2024−28%2025: $98.0M$98.0M2025−11%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Sales$18.6B$17.2B$16.5B
Cost of sales$17.5B$16.1B$15.5B
Gross profit$1.1B$1.1B$973.6M
Selling, general and administrative expenses$305.7M$292.1M$273.7M
Operating expenses$519.5M$515.3M$450.6M
Amortization expense$5.3M$8.3M$8.1M
Net gain on sale and disposition of assets-$3.3M-$9.5M-$2.6M
Long-lived asset impairment$231.0K$492.0K$0
Total costs and operating expenses$827.4M$806.7M$729.9M
Operating income$234.7M$251.2M$243.8M
Income (loss) from equity method investments$4.5M-$1.5M$2.5M
Interest expense-$137.2M-$134.8M-$85.6M
Loss on early extinguishment of debt-$3.0M
Income before income tax expense$99.0M$114.9M$160.6M
Income tax expense-$1.1M-$4.6M-$8.1M
Net income$98.0M$110.3M$152.5M
Less: General partner's interest in net income, including incentive distribution rights$18.8M$15.3M$9.9M

Compare GLOBAL PARTNERS LP with another company

Corporate structure

GLOBAL PARTNERS LP sits at the top of its group. 12 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of GLOBAL PARTNERS LP

  • ALPS ADVISORS INC Filed SCHEDULE 13G/A on GLOBAL PARTNERS LP, latest Oct 7, 2026 (10 filings since Feb 5, 2024)
  • Invesco Filed SCHEDULE 13G/A on GLOBAL PARTNERS LP, latest Nov 6, 2025 (5 filings since Feb 10, 2022)
  • Eric Slifka Filed SCHEDULE 13D/A on GLOBAL PARTNERS LP, latest Aug 7, 2025
  • Global X Management CO LLC Filed SCHEDULE 13G on GLOBAL PARTNERS LP, latest May 15, 2025
  • GLOBAL PARTNERS LP Newton, Massachusetts
    • Alliance Energy LLC Subsidiary · Massachusetts, United States
    • Basin Transload, LLC Subsidiary · Delaware, United States
    • Cascade Kelly Holdings LLC Subsidiary · Oregon, United States
    • Drake Petroleum Company, Inc. Subsidiary · Massachusetts, United States
    • Global Companies LLC Subsidiary · Delaware, United States
    • Global Montello Group Corp. Subsidiary · Delaware, United States
    • Global Operating LLC Subsidiary · Delaware, United States
    • Global Terminal Holdings LLC Subsidiary · Delaware, United States
    • GLP Finance Corp. Subsidiary · Delaware, United States
    • SPR Operator LLC Subsidiary · Delaware, United States
    • Warex Terminals Corporation Subsidiary · New York, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What GLOBAL PARTNERS LP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$2.9B5 Dec 31, 2025$2.8B5 Dec 31, 2024+2.9%
Accumulated depreciation$1.2B5 Dec 31, 2025$1.1B5 Dec 31, 2024+11.8%
Property and equipment, net$1.7B5 Dec 31, 2025$1.7B5 Dec 31, 2024−2.9%
Operating-lease assets (leased space)$378.4M5 Dec 31, 2025$302.2M5 Dec 31, 2024+25.2%

Investments

ItemLatestA year beforeChange
Stakes in other companies (equity method)$113.8M5 Dec 31, 2025$92.7M5 Dec 31, 2024+22.7%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$421.9M5 Dec 31, 2025$421.9M5 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$13.3M5 Dec 31, 2025$18.7M5 Dec 31, 2024−28.5%
Finite-lived intangibles, gross$181.9M5 Dec 31, 2025$181.9M5 Dec 31, 20240%
Accumulated amortization$168.5M5 Dec 31, 2025$163.2M5 Dec 31, 2024+3.3%
Finite-lived intangibles, net$13.3M5 Dec 31, 2025$18.7M5 Dec 31, 2024−28.5%

Inventory

ItemLatestA year beforeChange
Inventory, total$549.1M5 Dec 31, 2025$594.1M5 Dec 31, 2024−7.6%

Leadership

Who has led GLOBAL PARTNERS LP, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Eric Slifka2007–now

Chair

  1. Eric Slifka2026–now

President

  1. Eric Slifka2007–now

Chief financial officer

  1. Thomas A. McManmon Jr.2006
  2. Thomas J. Hollister2006–2013
  3. Daphne H. Foster2013–2021
  4. Gregory B. Hanson2021–now

Chief operating officer

  1. Thomas J. Hollister2009–2013
  2. Mark Romaine2013–now
2010201520202025
Board members and other officers (23)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Aug 7, 20268-K Results of operations; Regulation FD disclosure43
  2. Jul 30, 20268-K Regulation FD disclosure44
  3. Jul 29, 20268-K Regulation FD disclosure45
  4. Jun 29, 20268-K Other events46
  5. May 8, 20268-K Results of operations; Regulation FD disclosure47
  6. Apr 30, 20268-K Regulation FD disclosure48
  7. Apr 13, 20268-K Regulation FD disclosure49
  8. Mar 19, 20268-K New debt or obligation50
  9. Feb 27, 20268-K Results of operations; Regulation FD disclosure51
  10. Jan 30, 20268-K Regulation FD disclosure52
  11. Jan 12, 20268-K Regulation FD disclosure53
  12. Jan 6, 20268-K Executive or director change54
  13. Aug 20, 2007New chief executive Eric Slifka becomes CEO13

Calendar

Coming up

  1. Nov 6, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.66 a share, on Nov 7, 2025.55

When it reported results

  1. Aug 7, 2026Reported quarterly or annual results43
  2. May 8, 2026Reported quarterly or annual results47
  3. Feb 27, 2026Reported quarterly or annual results51
  4. Nov 7, 2025Reported quarterly or annual results56
  5. Aug 7, 2025Reported quarterly or annual results57
  6. May 8, 2025Reported quarterly or annual results58
  7. Feb 28, 2025Reported quarterly or annual results59
  8. Nov 8, 2024Reported quarterly or annual results60

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

373 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 101 major events, 226 insider forms, 17 large holders, 9 other. The latest 20:

  1. Oct 7, 2026SCHEDULE 13G/A EDGAR
  2. Sep 21, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  3. Sep 16, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  4. Aug 10, 202615-12G EDGAR
  5. Aug 7, 202610-Q EDGAR
  6. Aug 7, 20268-K EDGAR
  7. Jul 30, 20268-K EDGAR
  8. Jul 30, 202625-NSE EDGAR
  9. Jul 29, 20268-K EDGAR
  10. Jul 9, 2026SCHEDULE 13G/A EDGAR
  11. Jun 29, 20268-K EDGAR
  12. Jun 22, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  13. Jun 16, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  14. Jun 11, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  15. Jun 8, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  16. Jun 3, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  17. May 29, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  18. May 26, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  19. May 20, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  20. May 15, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR

The 373 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

185 open-market trades by officers, directors and large owners since October 2021: 160 buys and 25 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 21, 2026Global GP LLCBuy5,000$49.63$248.2KForm 4
Sep 17, 2026Global GP LLCBuy5,000$51.08$255.4KForm 4
Sep 16, 2026Global GP LLCBuy5,000$50.55$252.8KForm 4
Sep 15, 2026Global GP LLCBuy5,000$50.89$254.4KForm 4
Sep 14, 2026Global GP LLCBuy5,000$52.20$261.0KForm 4
Jun 18, 2026Global GP LLCBuy5,000$42.81$214.1KForm 4
Jun 17, 2026Global GP LLCBuy5,000$43.28$216.4KForm 4
Jun 15, 2026Global GP LLCBuy5,000$46.69$233.4KForm 4
Jun 12, 2026Global GP LLCBuy5,000$46.50$232.5KForm 4
Jun 10, 2026Global GP LLCBuy5,000$50.17$250.8KForm 4
Jun 9, 2026Global GP LLCBuy5,000$49.44$247.2KForm 4
Jun 8, 2026Global GP LLCBuy5,000$49.29$246.4KForm 4
Jun 4, 2026Global GP LLCBuy5,000$49.50$247.5KForm 4
Jun 3, 2026Global GP LLCBuy5,000$49.42$247.1KForm 4
Jun 2, 2026Global GP LLCBuy5,000$49.19$245.9KForm 4
Jun 1, 2026Global GP LLCBuy5,000$48.41$242.1KForm 4
May 29, 2026Global GP LLCBuy5,000$47.22$236.1KForm 4
May 28, 2026Global GP LLCBuy5,000$48.35$241.8KForm 4
May 27, 2026Global GP LLCBuy5,000$48.94$244.7KForm 4
May 26, 2026Global GP LLCBuy5,000$48.92$244.6KForm 4

All 185 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Alps Advisors Inc5,844,099$272.3M1.3%−199,886
Invesco Ltd.2,185,565$101.8M0.0%No change
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.2,061,121$96.0M0.1%+24,116
Pallas Capital Advisors LLC1,731,170$80.7M2.5%+3,297
Morgan Stanley702,122$32.7M0.0%+190,612
Goldman Sachs Group Inc639,882$29.8M0.0%+4,591
Jpmorgan Chase & Co582,477$27.4M0.0%+68,059
Kayne Anderson Capital Advisors LP285,481$13.3M0.3%+253,556
Blackstone Inc.230,015$10.7M0.0%−10,702
Royal Bank Of Canada224,777$10.5M0.0%+47,615
Fractal Investments LLC195,234$9.1M1.0%No change
Bank Of America Corp /de/174,659$8.1M0.0%+58,085
UBS Group AG166,080$7.7M0.0%+5,694
Hartree Partners, LP144,755$6.7M1.5%−297,000
Raymond James Financial Inc139,976$6.5M0.0%+4,257
Citadel Advisors LLC132,934$6.2M0.0%+113,675
Infrastructure Capital Advisors, LLC112,228$5.2M0.4%+2,020
Proficio Capital Partners LLC100,000$4.7M0.2%No change
Wells Fargo & Company/mn91,340$4.3M0.0%−3,314
Waverly Advisors, LLC82,816$3.9M0.0%+24,868
Jane Street Group, LLC77,573$3.6M0.0%+64,976
Gilman Hill Asset Management, LLC64,414$3.0M0.4%+3,050
Cetera Investment Advisers61,964$2.9M0.0%+7,221
First Trust Advisors LP60,602$2.8M0.0%+5,106
Ing Groep Nv46,700$2.2M0.0%+11,000

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How GLOBAL PARTNERS LP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARGLOBAL PARTNERS LP1
  • CIK0001323468
  • Employer ID (EIN)74-314088765
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company65
  • Incorporated inDelaware65
  • Fiscal year endsDecember 311
  • Industry code (SIC)5171 Wholesale-Petroleum Bulk Stations & Terminals1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business address275 Grove Street, Suite 3-400, Newton, MA 024661
  • Phone(781) 894-88001
  • Shares outstanding33,995,563 as of Aug 5, 202611
  • Public float$1.5B as of Jun 30, 202565
  • AuditorErnst & Young LLP, Boston, Massachusetts PCAOB ID 42; it also attests to the company’s internal control over financial reporting65
  • On EDGAR sinceMay 10, 20051
  • Filings1,186 in all: 4 (469), 8-K (372), 10-Q (63), SC 13G/A (34), 3 (29), 4/A (23), CORRESP (23), 10-K (21)1
    All 48 form types

    UPLOAD (17), EFFECT (13), S-3 (9), SCHEDULE 13G/A (9), 424B5 (8), 8-K/A (7), SC 13G (7), 10-Q/A (6), 424B2 (6), 424B3 (6), CT ORDER (5), 144 (4), DEFA14A (4), S-4 (4), 3/A (3), 8-A12B (3), S-1/A (3), S-3/A (3), 15-12G (2), 25-NSE (2), 424B7 (2), 5 (2), ARS (2), CERT (2), DEF 14A (2), FWP (2), PRE 14A (2), S-3ASR (2), S-8 (2), SC 13D/A (2), SEC STAFF LETTER (2), 424A (1), 424B4 (1), CERTNYS (1), NT 10-K (1), S-1 (1), S-4/A (1), SC 13D (1), SCHEDULE 13D/A (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Proxy statement (DEF 14A) May 21, 2012
    Latest 8-K (8-K) Aug 7, 2026

Securities registered for trading

ClassSymbolExchange
Common Units representing limited partner interestsGLPNew York Stock Exchange
9.50% Series B Fixed Rate Cumulative RedeemableGLP pr BNew York Stock Exchange

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).65

Risk factors and legal proceedings

The risks GLOBAL PARTNERS LP names in Item 1A of its 10-K filed Feb 27, 2026: 78 risks under these headings, as written.65

  • Risks Related to Our Business
  • We may not have sufficient cash from operations to enable us to pay distributions on our preferred units or maintain distributions on our common units at current levels following establishment of cash reserves and payment of fees and expenses, including payments to our general partner.
  • The amount of cash we have available for distribution to unitholders depends on our cash flow and does not depend solely on profitability.
  • We commit substantial resources to pursuing acquisitions and expending capital for growth projects, although there is no certainty that we will successfully complete any acquisitions or growth projects or receive the economic results we anticipate from completed acquisitions or growth projects.
  • We may not be able to realize expected returns or other anticipated benefits associated with our joint ventures.
  • Our gasoline financial results in our GDSO segment can be lower in the first and fourth quarters of the calendar year due to seasonal fluctuations in demand.
  • Our heating oil and residual oil financial results can be lower in the second and third quarters of the calendar year.
  • Warmer weather conditions could adversely affect our results of operations and financial condition.
  • A significant decrease in price or demand for the products we sell or a significant increase in the cost of our logistics activities could have an adverse effect on our financial condition, results of operations and cash available for distribution to our unitholders.
  • Tariffs and other controls on imports and exports could significantly impact our operations and costs, adversely affecting our business.
  • Our businesses are influenced by the overall markets for refined petroleum products, gasoline blendstocks, renewable fuels, crude oil and propane and increases and/or decreases in the prices of these products may adversely impact our financial condition, results of operations and cash available for distribution to our unitholders and the amount of borrowing available for working capital under our credit agreement.
  • Historical prices for certain products we sell have been volatile and significant changes in such prices in the future may adversely affect our financial condition, results of operations and cash available for distribution to our unitholders.
The other 67 risks
  • We have contractual obligations for certain transportation assets such as barges and railcars.
  • The condition of credit markets may adversely affect our liquidity.
  • Our debt levels may limit our flexibility in obtaining additional financing and in pursuing other business opportunities.
  • A significant increase in interest rates could adversely affect our ability to service our indebtedness.
  • We may not be able to obtain funding on acceptable terms or at all, which could have a material adverse effect on our financial condition, results of operations and cash available for distribution to our unitholders.
  • Operating and financial restrictions and covenants in our credit agreement and the indentures governing our senior notes and borrowing base requirements in our credit agreement may restrict our business and financing activities.
  • Restrictions in our credit agreement and indentures limit our ability to pay distributions upon the occurrence of certain events.
  • We can borrow money under our credit agreement to pay distributions, which would reduce the amount of credit available to operate our businesses.
  • The enactment of derivatives legislation could have an adverse effect on our ability to use derivative instruments to reduce the effect of commodity price, interest rate and other risks associated with our businesses.
  • Our risk management policies cannot eliminate all commodity risk, basis risk or the impact of unfavorable market conditions, each of which can adversely affect our financial condition, results of operations and cash available for distribution to our unitholders. In addition, any noncompliance with our risk management policies could result in significant financial losses.
  • We are exposed to trade credit risk and risk associated with our trade credit support in the ordinary course of our business activities.
  • We are exposed to performance risk in our supply chain.
  • Our gasoline, convenience store and prepared food sales could be significantly reduced by a reduction in demand due to higher prices and inflation in general and new technologies and alternative fuel sources, such as electric, hybrid, battery powered, hydrogen or other alternative fuel-powered motor vehicles and changing consumer preferences and driving habits.
  • Energy efficiency, higher prices, new technology and alternative fuels could reduce demand for our heating oil and residual oil.
  • Erosion of the value of major gasoline brands could adversely affect our gasoline sales and customer traffic.
  • We depend upon marine, pipeline, rail and truck transportation services for a substantial portion of our logistics activities in transporting the petroleum products we purchase and sell. Disruption in any of these transportation services could have an adverse effect on our financial condition, results of operations and cash available for distribution to our unitholders.
  • Changes in government usage mandates and tax credits could adversely affect the availability and pricing of ethanol and renewable fuels, which could negatively impact our sales.
  • We may not be able to obtain state fund or insurance reimbursement of our environmental remediation costs.
  • Potential exposure to products we handle at our facilities could subject us to product liability claims and complaints which could increase our litigation, operating and compliance costs and adversely affect our financial condition and results of operations.
  • Future consumer or other litigation could adversely affect our financial condition and results of operations.
  • We may incur costs or liabilities as a result of litigation or adverse publicity resulting from concerns over food quality, health or other issues that could cause customers to avoid our convenience stores.
  • We depend upon a small number of suppliers for a substantial portion of our convenience store merchandise inventory. A disruption in supply or an unexpected change in our relationships with our principal merchandise suppliers could have an adverse effect on our convenience store results of operations.
  • Governmental action and campaigns to discourage smoking and use of other products may have a material adverse effect on our financial condition, results of operations, and cash available for distribution to our unitholders.
  • Our financial condition, results of operations, and cash available for distribution to our unitholders may be adversely affected by global and national health concerns.
  • New entrants or increased competition in the convenience store industry could result in reduced gross profits.
  • We face intense competition in our purchasing, selling, gathering, blending, terminalling, transporting and storage activities. Competition from other providers of refined petroleum products, gasoline blendstocks, renewable fuels and crude oil that are able to supply our customers with those products and services at a lower price and have capital resources greater than ours could reduce our ability to make distributions to our unitholders.
  • We may not be able to renew or replace our leases or agreements for dedicated storage when they expire.
  • We may not be able to lease sites we own and/or sub-lease sites we lease with respect to the sale of gasoline and/or related activities on favorable terms and any such failure could adversely affect our financial condition, results of operations and cash available for distribution to our unitholders.
  • Some of our sales are generated pursuant to contracts that must be renegotiated or replaced periodically. If we are unable to successfully renegotiate or replace these contracts, our financial condition, results of operations and cash available for distribution to our unitholders could be adversely affected.
  • Due to our limited asset and geographic diversification, adverse developments in the terminals we use or in our operating areas could reduce our ability to make distributions to our unitholders.
  • Our operations are subject to operational hazards and unforeseen interruptions for which we may not be adequately insured.
  • Environmental laws and other industry-related regulations or environmental litigation could significantly impact our operations and/or increase our costs, which could adversely affect our results of operations and financial condition.
  • Our terminalling operations are subject to federal, state and municipal laws and regulations relating to environmental protection and operational safety that could require us to incur substantial costs.
  • Our assets and operations are subject to a series of risks arising from climate change.
  • 1Increased attention to environmental, social and governance (“ESG”) matters may impact our business.
  • Our businesses involve the buying, selling, gathering, blending and shipping of refined petroleum products, gasoline blendstocks, renewable fuels and crude oil by various modes of transportation, which involves risks of derailment, accidents and liabilities associated with cleanup and damages, as well as potential regulatory changes that may adversely impact our businesses, financial condition or results of operations.
  • We are subject to federal, state and municipal laws and regulations that govern the product quality specifications of the refined petroleum products, gasoline blendstocks, renewable fuels, crude oil and propane we purchase, store, transport and sell.
  • We are subject to federal, state and municipal environmental regulations which could have a material adverse effect on our retail operations business and results of operations.
  • We are subject to federal, state and municipal non-environmental regulations which could have an adverse effect on our convenience store business and results of operations.
  • Any terrorist attacks aimed at our facilities and any global and domestic economic repercussions from terrorist activities and the government’s response could adversely affect our financial condition, results of operations and cash available for distribution to our unitholders.
  • We rely on our operational and information technology systems, including cybersecurity, to manage numerous aspects of our businesses, and a disruption of these systems could adversely affect our businesses.
  • Cybersecurity breaches and other disruptions could compromise our information and operations, and expose us to liability, which would cause our business and reputation to suffer.
  • We have providers that may incorporate generative artificial intelligence and other similar artificial intelligence tools and systems into their offerings, and these providers may not meet regulatory or industry standards.
  • We are subject to various federal and state laws and regulations related to cybersecurity and privacy, which can impact our operations and increase our costs.
  • We depend on key personnel for the success of our businesses.
  • We depend on unionized labor for the operation of certain of our terminals. Any work stoppages or labor disturbances at these terminals could disrupt our businesses.
  • If we fail to maintain an effective system of internal controls, then we may not be able to accurately report our financial results or prevent fraud. As a result, current and potential unitholders could lose confidence in our financial reporting, which could harm our businesses and could adversely influence the trading price of our units.
  • Risks Related to our Structure
  • Our general partner and its affiliates have conflicts of interest and limited fiduciary duties, which could permit them to favor their own interests to the detriment of our unitholders.
  • Our partnership agreement limits our general partner’s fiduciary duties to unitholders and restricts the remedies available to unitholders for actions taken by our general partner that might otherwise constitute breaches of fiduciary duty.
  • Unitholders have limited voting rights and are not entitled to elect our general partner or its directors or remove our general partner without the consent of the holders of at least 66 2/3% of the outstanding common units (including common units held by our general partner and its affiliates), which could lower the trading price of our units.
  • We may issue additional units without unitholder approval, which would dilute unitholders’ ownership interests.
  • We are prohibited from paying distributions on our common units if distributions on our preferred units are in arrears.
  • Our preferred units are subordinated to our existing and future debt obligations and could be diluted by the issuance of additional units, including additional preferred units, and by other transactions.
  • We cannot assure that we will be able to pay distributions on our preferred units regularly, and the agreements governing our indebtedness and redemptions of some or all of our preferred units may limit the cash available to make distributions on our preferred units.
  • Change of control conversion rights may make it more difficult for a party to acquire us or discourage a party from acquiring us.
  • The market price of our common units could be adversely affected by sales of substantial amounts of our common units, including sales by our existing unitholders.
  • An increase in interest rates may cause the market price of our units to decline.
  • Our general partner has a limited call right that may require unitholders to sell their common units at an undesirable time or price.
  • Our partnership agreement restricts the voting rights of unitholders owning 20% or more of any class of our units.
  • Cost reimbursements due to our general partner and its affiliates will reduce cash available for distribution to our unitholders.
  • Unitholders may not have limited liability if a court finds that unitholder action constitutes control of our businesses.
  • Unitholders may have liability to repay distributions.
  • The control of our general partner may be transferred to a third party without unitholder consent.
  • Certain members of the Slifka family and their affiliates may engage in activities that compete directly with us.
  • Our tax treatment depends on our status as a partnership for U.S. federal income tax purposes and not being subject to a material amount of entity-level taxation. If the Internal Revenue Service, or IRS, were to treat us as a corporation for U.S. federal income tax purposes, or we become subject to entity level taxation for state tax purposes, our cash available for distribution to our common unitholders would be substantially reduced.
  • The tax treatment of publicly traded partnerships or an investment in our units could be subject to potential legislative, judicial or administrative changes or differing interpretations thereof, possibly applied on a retroactive basis.
  • We have subsidiaries that are treated as corporations for U.S. federal income tax purposes and subject to corporate-level income taxes.

Legal proceedings

The information required by this item is included in Note 23 of Notes to Consolidated Financial Statements and is incorporated herein by reference.

The opening of Item 3, Legal Proceedings.65

Sources

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