GLOBAL PARTNERS LP
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 7, 2025
GLP$45.01+8.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001558370-25-010710
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001104659-25-108244
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 198 previous paragraphs and 198 current paragraphs.
142 unchanged; 50 reworded; 3 added; 4 removed; 2 previous and 3 current paragraphs rearranged.
Tables are not compared: 63 previous and 63 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
Sales from wholesale gasoline and gasoline blendstocks were $5.9 billion and $4.9 billion for the nine months ended September 30, 2025 and 2024, respectively, an increase of $1.0 billion, or 21%, primarily due to an increase in volume sold, partially offset by a decrease in prices. Our gasoline and gasoline blendstocks product margin was $177.4 million and $143.2 million for the nine months ended September 30, 2025 and 2024, respectively, an increase of
Current report
Sales from distillates and other oils were $3.5 billion and $3.1 billion for the nine months ended September 30, 2025 and 2024, respectively, increasing $375.4 million, or 12%, primarily due to an increase in volume sold, partially offset by a decrease in prices. Our product margin from distillates and other oils was $86.0 million and $69.2 million for the nine months ended September 30, 2025 and 2024, respectively, an increase of $16.8 million, or 24%, primarily due to more favorable market conditions in distillates, partially offset by less favorable market conditions in residual oil.
Current report
Our commercial sales were $848.7 million and $836.7 million for the nine months ended September 30, 2025 and 2024, respectively, an increase of $12.0 million or 1%, primarily due to an increase in volume sold, partially offset by a decrease in prices. Our commercial product margin was $20.2 million and $22.7 million for the nine months ended September 30, 2025 and 2024, respectively, a decrease of $2.5 million, or 11%, in part due to less favorable market conditions in bunkering.
Removed paragraphs (4)
Previous report
Sales from wholesale gasoline and gasoline blendstocks were $3.8 billion and $3.1 billion for the six months ended June 30, 2025 and 2024, respectively, increasing $741.4 million, or 24%, primarily due to an increase in volume
Previous report
Sales from distillates and other oils were $2.5 billion and $2.2 billion for the six months ended June 30, 2025 and 2024, respectively, increasing $279.5 million, or 13%, primarily due to an increase in volume sold, partially offset by a decrease in prices. Our product margin from distillates and other oils was $69.4 million and $41.1 million for the six months ended June 30, 2025 and 2024, respectively, an increase of $28.3 million, or 69%, primarily due to more favorable market conditions.
Previous report
Our commercial sales were $275.8 million and $280.9 million for the three months ended June 30, 2025 and 2024, respectively, a decrease of $5.1 million or 2%, primarily due to a decrease in prices, partially offset by an increase in volume sold. Our commercial product margin was $6.1 million and $6.2 million for the three months ended June 30, 2025 and 2024, respectively, a decrease of $0.1 million, or 2%, in part due to less favorable market conditions in bunkering.
Previous report
On August 1, 2025, we redeemed the remaining portion of the 2027 Notes in the amount of $39.7 million, which is included in senior notes in the accompanying consolidated balance sheet at June 30, 2025, with available funds under our revolving credit facility.
Reworded paragraphs (50)
Previous wording
●Our businesses could be affected by a range of issues, such as changes in demand, commodity prices, energy conservation, competition, the global economic climate, movement of products between foreign locales and within the United States, tariffs and other controls on imports or exports, changes in refiner demand, weekly and monthly refinery output levels, changes in the rate of inflation or deflation, changes in local, domestic and worldwide inventory levels, changes in health, safety and environmental regulations, including, without limitation, those related to climate change, additional government regulations related to the products we sell, failure to obtain permits, amend existing permits for expansion and/or to address changes to our assets and underlying operations, or renew existing permits on terms favorable to us, seasonality, supply, weather and logistics disruptions and other factors and uncertainties inherent in the transportation, storage, terminalling and marketing of refined products, gasoline blendstocks, renewable fuels, propane and crude oil.
Current wording
●Our businesses could be affected by a range of issues, such as changes in demand, commodity prices, energy conservation, competition, the global economic climate, movement of products between foreign locales and within the United States, tariffs and other controls on imports or exports, changes in refiner demand, weekly and monthly refinery output levels, changes in the rate of inflation or deflation, changes in local, domestic and worldwide inventory levels, a prolonged government shutdown, changes in health, safety and environmental regulations, including, without limitation, those related to climate change, additional government regulations related to the products we sell, failure to obtain permits, amend existing permits for expansion and/or to address changes to our assets and underlying operations, or renew existing permits on terms favorable to us, seasonality, supply, weather and logistics disruptions and other factors and uncertainties inherent in the transportation, storage, terminalling and marketing of refined products, gasoline blendstocks, renewable fuels, propane and crude oil.
Previous wording
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. We are one of the largest independent owners, suppliers and operators of gasoline stations and convenience stores, primarily in Massachusetts, Maine, Connecticut, Vermont, New Hampshire, Rhode Island, New York, New Jersey and Pennsylvania (collectively, the “Northeast”) and Maryland and Virginia. As of June 30, 2025, we had a portfolio of 1,553 owned, leased and/or supplied gasoline stations, including 295 directly operated convenience stores, primarily in the Northeast, as well as 66 gasoline stations located in Texas that are operated or supplied by our joint venture, Spring Partners Retail LLC (“SPR”). We are also one of the largest distributors of gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers in the New England states and New York. We engage in the purchasing, selling, gathering, blending, storing and logistics of transporting petroleum and related products, including gasoline and gasoline blendstocks (such as ethanol), distillates (such as home heating oil, diesel and kerosene), residual oil, renewable fuels, crude oil and propane and in the transportation of petroleum products and renewable fuels by rail from the mid-continent region of the United States and Canada.
Current wording
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. We are one of the largest independent owners, suppliers and operators of gasoline stations and convenience stores, primarily in Massachusetts, Maine, Connecticut, Vermont, New Hampshire, Rhode Island, New York, New Jersey and Pennsylvania (collectively, the “Northeast”) and Maryland and Virginia. As of September 30, 2025, we had a portfolio of 1,540 owned, leased and/or supplied gasoline stations, including 290 directly operated convenience stores, primarily in the Northeast, as well as 67 gasoline stations located in Texas that are operated or supplied by our joint venture, Spring Partners Retail LLC (“SPR”). We are also one of the largest distributors of gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers in the New England states and New York. We engage in the purchasing, selling, gathering, blending, storing and logistics of transporting petroleum and related products, including gasoline and gasoline blendstocks (such as ethanol), distillates (such as home heating oil, diesel and kerosene), residual oil, renewable fuels, crude oil and propane and in the transportation of petroleum products and renewable fuels by rail from the mid-continent region of the United States and Canada.
Previous wording
Collectively, we sold approximately $4.5 billion and $9.0 billion of refined petroleum products, gasoline blendstocks, renewable fuels and crude oil for the three and six months ended June 30, 2025, respectively. In addition, we had other revenues of approximately $0.1 billion and $0.2 billion for the three and six months ended June 30, 2025, respectively, from convenience store and prepared food sales at our directly operated stores, rental income from dealer leased and commissioned agent leased gasoline stations and from cobranding arrangements, and sundries.
Current wording
Collectively, we sold $4.5 billion and $13.5 billion of refined petroleum products, gasoline blendstocks, renewable fuels and crude oil for the three and nine months ended September 30, 2025, respectively. In addition, we had other revenues of $0.2 billion and $0.4 billion for the three and nine months ended September 30, 2025, respectively, from convenience store and prepared food sales at our directly operated stores, rental income from dealer leased and commissioned agent leased gasoline stations and from cobranding arrangements, and sundries.
Previous wording
Our total sales were $9.2 billion and $8.5 billion for the six months ended June 30, 2025 and 2024, respectively, increasing $664.0 million, or 8%, primarily due to an increase in volume sold, partially offset by a decrease in prices. Our aggregate volume of product sold was 3.9 billion gallons and 3.2 billion gallons for the six months ended June 30, 2025 and 2024, respectively, increasing 773 million gallons from the prior-year period (consisting of increases of 778 million gallons and 26 million gallons in our Wholesale and Commercial segments, respectively, offset by a decrease of 31 million gallons in our GDSO segment). The increases in our Wholesale segment sales and volume sold include the Acquired Terminals.
Current wording
Our total sales were $4.7 billion and $4.4 billion for the three months ended September 30, 2025 and 2024, respectively, increasing $272.2 million, or 6%, primarily due to an increase in volume sold, partially offset by a decrease in prices. Our aggregate volume of product sold was 1.9 billion gallons and 1.7 billion gallons for the three months ended September 30, 2025 and 2024, respectively, increasing 218 million gallons from the prior-year period (consisting of increases of 214 million gallons and 26 million gallons in our Wholesale and Commercial segments, respectively, offset by a decrease of 22 million gallons in our GDSO segment).
Previous wording
Our total sales were $4.6 billion and $4.4 billion for the three months ended June 30, 2025 and 2024, respectively, increasing $217.2 million, or 5%, primarily due to an increase in volume sold, partially offset by a decrease in prices. Our aggregate volume of product sold was 2.0 billion gallons and 1.6 billion gallons for the three months ended June 30, 2025 and 2024, respectively, increasing 409 million gallons from the prior-year period (consisting of increases of 411 million gallons and 22 million gallons in our Wholesale and Commercial segments, respectively, offset by a decrease of 24 million gallons in our GDSO segment). The increases in our Wholesale segment sales and volume sold include the addition of four refined-product terminals we acquired from Gulf Oil Limited Partnership (“Gulf Oil”) in April 2024 and one liquid energy terminal in East Providence, Rhode Island from ExxonMobil Oil Corporation in November 2024 (collectively, the “Acquired Terminals”).
Current wording
Our total sales were $13.9 billion and $12.9 billion for the nine months ended September 30, 2025 and 2024, respectively, increasing $936.2 million, or 7%, primarily due to an increase in volume sold, partially offset by a decrease in prices. Our aggregate volume of product sold was 5.9 billion gallons and 4.9 billion gallons for the nine months ended September 30, 2025 and 2024, respectively, increasing 991 million gallons from the prior-year period (consisting of increases of 991 million gallons and 53 million gallons in our Wholesale and Commercial segments, respectively, offset by a decrease of 53 million gallons in our GDSO segment). The increases in our Wholesale segment sales and volume sold include the addition of four refined-product terminals we acquired from Gulf Oil Limited Partnership (“Gulf Oil”) in April 2024 and one liquid energy terminal in East Providence, Rhode Island we acquired from ExxonMobil Oil Corporation in November 2024 (collectively, the “Acquired Terminals”).
Previous wording
Our gross profit was $272.4 million and $287.9 million for the three months ended June 30, 2025 and 2024, respectively, a decrease of $15.5 million, or 5%. In our Wholesale segment, our product margin from gasoline and gasoline blendstocks decreased primarily due to less favorable market conditions, and our product margin from distillates and other oils increased due to more favorable market conditions. In our GDSO segment, our gasoline distribution product margin decreased primarily due to a decline in volume sold, in part due to decreased site count year-over-year, and our station operations product margin decreased due in part to the conversions of certain company-operated sites and a decrease in sundries. Our Commercial segment product margin decreased in part due to less favorable market conditions in bunkering.
Current wording
Our gross profit was $271.4 million and $286.0 million for the three months ended September 30, 2025 and 2024, respectively, a decrease of $14.6 million, or 5%. In our Wholesale segment, our product margin from gasoline and gasoline blendstocks increased primarily due to more favorable market conditions in gasoline, while our product margin from distillates and other oils decreased due to less favorable market conditions in residual oil. In our GDSO segment, our gasoline distribution product margin decreased primarily due to lower fuel margins (cents per gallon), and our station operations product margin increased due in part to an increase in sundries. Our Commercial segment product margin decreased in part due to less favorable market conditions in bunkering.
Previous wording
Our gross profit was $527.6 million and $503.0 million for the six months ended June 30, 2025 and 2024, respectively, an increase of $24.6 million, or 5%. Our Wholesale segment product margins increased primarily due to more favorable market conditions and to the addition of the Acquired Terminals. In our GDSO segment, our gasoline distribution product margin decreased primarily due to a decline in volume sold, in part due to decreased site count year-over-year, and our station operations product margin decreased due in part to the sales and conversions of certain company-operated sites and a decrease in sundries. In our Commercial segment, the increase in our product margin was immaterial. The increase in gross profit was partially offset by a $6.1 million increase in depreciation allocated to cost of sales.
Current wording
Our gross profit was $799.0 million and $789.1 million for the nine months ended September 30, 2025 and 2024, respectively, an increase of $9.9 million, or 1%. Our Wholesale segment product margins increased primarily due to more favorable market conditions in gasoline and distillates, partially offset by less favorable market conditions in residual oil. In our GDSO segment, our gasoline distribution product margin decreased primarily due to lower fuel margins (cents per gallon), while our station operations product margin decreased due in part to the sales and conversions of certain company-operated sites and to a decrease in sundries. Our Commercial segment product margin decreased in part due to less favorable market conditions in bunkering. The increase in gross profit was partially offset by a $6.3 million increase in depreciation allocated to cost of sales.
Previous wording
Gasoline and Gasoline Blendstocks. Sales from wholesale gasoline and gasoline blendstocks were $2.1 billion and $1.7 billion for the three months ended June 30, 2025 and 2024, respectively, increasing $393.6 million, or 23%, primarily due to an increase in volume sold, partially offset by a decrease in prices. Our gasoline and gasoline blendstocks product margin was $58.8 million and $70.4 million for the three months ended June 30, 2025 and 2024, respectively, a decrease of $11.6 million, or 16%, primarily due to less favorable market conditions, largely in gasoline but also in gasoline blendstocks. Our product margin benefited from the addition of the Acquired Terminals.
Current wording
Gasoline and Gasoline Blendstocks. Sales from wholesale gasoline and gasoline blendstocks were $2.1 billion and $1.8 billion for the three months ended September 30, 2025 and 2024, respectively, increasing $297.7 million, or 17%, primarily due to an increase in volume sold, partially offset by a decrease in prices. Our gasoline and gasoline blendstocks product margin was $61.5 million and $43.0 million for the three months ended September 30, 2025 and 2024, respectively, an increase of $18.5 million, or 43%, primarily due to more favorable market conditions in gasoline.
Previous wording
sold, partially offset by a decrease in prices. Our gasoline and gasoline blendstocks product margin was $116.0 million and $100.2 million for the six months ended June 30, 2025 and 2024, respectively, an increase of $15.8 million, or 16%, primarily due to more favorable market conditions in gasoline in the first quarter of 2025 compared to the same period in 2024. Our product margin also benefited from the addition of the Acquired Terminals.
Current wording
$34.2 million, or 24%, primarily due to more favorable market conditions in gasoline compared to the same period in 2024. Our product margin also benefited from the addition of the Acquired Terminals.
Previous wording
Distillates and Other Oils. Sales from distillates and other oils (primarily residual oil and crude oil) were $1.0 billion and $0.9 billion for the three months ended June 30, 2025 and 2024, respectively, increasing $76.2 million, or 8%, primarily due to an increase in distillate volume sold, partially offset by a decrease in prices. Our product margin from distillates and other oils was $32.9 million and $21.5 million for the three months ended June 30, 2025 and 2024, respectively, an increase of $11.4 million, or 53%, primarily due to more favorable market conditions.
Current wording
Distillates and Other Oils. Sales from distillates and other oils (primarily residual oil and crude oil) were $1.0 billion and $0.9 billion for the three months ended September 30, 2025 and 2024, respectively, increasing $95.9 million, or 10%, primarily due to an increase in volume sold, partially offset by a decrease in prices. Our product margin from distillates and other oils was $16.5 million and $28.1 million for the three months ended September 30, 2025 and 2024, respectively, a decrease of $11.6 million, or 41%, primarily due to less favorable market conditions in residual oil.
Previous wording
Gasoline Distribution. Sales from gasoline distribution were $1.1 billion and $1.3 billion for the three months ended June 30, 2025 and 2024, respectively, decreasing $239.3 million, or 18%, primarily due to decreases in prices and in volume sold. Our product margin from gasoline distribution was $137.9 million and $147.3 million for the three months ended June 30, 2025 and 2024, respectively, a decrease of $9.4 million, or 6%, primarily due to the decrease in volume sold, in part due to decreased site count year-over-year.
Current wording
Gasoline Distribution. Sales from gasoline distribution were $1.1 billion and $1.2 billion for the three months ended September 30, 2025 and 2024, respectively, decreasing $143.1 million, or 11%, primarily due to decreases in prices and in volume sold. Our product margin from gasoline distribution was $144.8 million and $164.1 million for the three months ended September 30, 2025 and 2024, respectively, a decrease of $19.3 million, or 12%, primarily due to lower fuel margins (cents per gallon) compared to the same period in 2024.
Previous wording
Sales from gasoline distribution were $2.1 billion and $2.4 billion for the six months ended June 30, 2025 and 2024, respectively, decreasing $331.3 million, or 14%, primarily due to decreases in prices and in volume sold. Our product margin from gasoline distribution was $263.7 million and $268.9 million for the six months ended June 30, 2025 and 2024, respectively, a decrease of $5.2 million, or 2%, primarily due to the decrease in volume sold, in part due to decreased site count year-over-year.
Current wording
Sales from gasoline distribution were $3.2 billion and $3.7 billion for the nine months ended September 30, 2025 and 2024, respectively, decreasing $474.4 million, or 13%, primarily due to decreases in prices and in volume sold. Our product margin from gasoline distribution was $408.4 million and $433.1 million for the nine months ended September 30, 2025 and 2024, respectively, a decrease of $24.7 million, or 6%, primarily due to lower fuel margins (cents per gallon) compared to the same period in 2024.
Previous wording
Station Operations. Our station operations, which include (i) convenience store and prepared food sales at our directly operated stores, (ii) rental income from gasoline stations leased to dealers or from commissioned agents and from cobranding arrangements and (iii) sale of sundries, such as car wash sales and lottery and ATM commissions, collectively generated revenues of $141.4 million and $149.5 million for the three months ended June 30, 2025 and 2024, respectively, a decrease of $8.1 million, or 5%. Our product margin from station operations was $70.0 million and $74.2 million for the three months ended June 30, 2025 and 2024, respectively, a decrease of $4.2 million, or 6%. The decreases in sales and product margin are due in part to the conversions of certain company-operated sites and to a decrease in sundries.
Current wording
Station Operations. Our station operations, which include (i) convenience store and prepared food sales at our directly operated stores, (ii) rental income from gasoline stations leased to dealers or from commissioned agents and from cobranding arrangements and (iii) sale of sundries, such as car wash sales and lottery and ATM commissions, collectively generated revenues of $151.9 million and $150.9 million for the three months ended September 30, 2025 and 2024, respectively, an increase of $1.0 million, or 1%. Our product margin from station operations was $74.1 million and $73.6 million for the three months ended September 30, 2025 and 2024, respectively, an increase of $0.5 million, or 1%, due in part to an increase in sundries.
Previous wording
Sales from our station operations were $262.7 million and $279.7 million for the six months ended June 30, 2025 and 2024, respectively, a decrease of $17.0 million, or 6%. Our product margin from station operations was $132.1 million and $140.2 million for the six months ended June 30, 2025 and 2024, respectively, a decrease of $8.1 million, or 6%. The decreases in sales and product margin are due in part to the sales and conversions of certain company-operated sites and to a decrease in sundries.
Current wording
Sales from our station operations were $414.6 million and $430.6 million for the nine months ended September 30, 2025 and 2024, respectively, a decrease of $16.0 million, or 4%. Our product margin from station operations was $206.2 million and $213.8 million for the nine months ended September 30, 2025, respectively, a decrease of $7.6 million, or 4%. The decreases in sales and product margin are due in part to the sales and conversions of certain company-operated sites and to a decrease in sundries.
Previous wording
Our commercial sales were $550.9 million and $559.5 million for the six months ended June 30, 2025 and 2024, respectively, a decrease of $8.6 million or 2%, primarily due to a decrease in prices, partially offset by an increase in volume sold. Our commercial product margin was $13.2 million for each of the six months ended June 30, 2025 and 2024.
Current wording
Our commercial sales were $297.8 million and $277.1 million for the three months ended September 30, 2025 and 2024, respectively, an increase of $20.7 million or 7%, primarily due to an increase in volume sold, partially offset by a decrease in prices. Our commercial product margin was $7.0 million and $9.5 million for the three months ended September 30, 2025 and 2024, respectively, a decrease of $2.5 million, or 26%, primarily due to less favorable market conditions in bunkering.
Previous wording
SG&A expenses were $74.7 million and $72.3 million for the three months ended June 30, 2025 and 2024, respectively, an increase of $2.4 million, or 3%, including increases of $4.0 million in wages and benefits, $0.8 million in professional fees and $3.0 million in various other SG&A expenses. The increase in SG&A expenses was offset by decreases of $4.0 million in expenses associated with the sale of the Revere Terminal (see Note 11 of Notes to Consolidated Financial Statements) and $1.4 million in accrued discretionary incentive compensation.
Current wording
SG&A expenses were $76.3 million and $70.5 million for the three months ended September 30, 2025 and 2024, respectively, an increase of $5.8 million, or 8%, including increases of $1.8 million in wages and benefits, $1.4 million in dues and subscriptions, $1.1 million in professional fees, and $4.1 million in various other SG&A expenses. The increase in SG&A expenses was offset by a decrease of $2.6 million in accrued discretionary incentive compensation.
Previous wording
SG&A expenses were $148.5 million and $142.1 million for the six months ended June 30, 2025 and 2024, respectively, an increase of $6.4 million, or 4%, including increases of $7.0 million in wages and benefits, $1.6 million in accrued discretionary incentive compensation, $1.6 million in professional fees and $5.6 million in various other SG&A expenses. The increase in SG&A expenses was offset by decreases of $6.6 million in expenses associated with the sale of the Revere Terminal (see Note 11 of Notes to Consolidated Financial Statements) and $2.8 million in acquisition costs.
Current wording
SG&A expenses were $224.8 million and $212.6 million for the nine months ended September 30, 2025 and 2024, respectively, an increase of $12.2 million, or 6%, including increases of $8.8 million in wages and benefits, $2.8 million in professional fees, $2.6 million in dues and subscriptions, $1.7 million in license fees and $5.7 million in various other SG&A expenses. The increase in SG&A expenses was offset by decreases of $5.6 million in expenses associated with the sale of the Revere Terminal (see Note 11 of Notes to Consolidated Financial Statements), $2.8 million in acquisition costs and $1.0 million in accrued discretionary incentive compensation.
Previous wording
Operating expenses were $135.7 million and $130.0 million for the three months ended June 30, 2025 and 2024, respectively, an increase of $5.7 million, or 4%, including an increase of $6.4 million in operating expenses associated with our terminals operations, primarily in maintenance and repairs, as well as the addition of the Acquired Terminals. The increase in operating expenses was offset by a decrease of $0.7 million in operating expenses related to our GDSO operations, in part due to a decrease in credit card fees.
Current wording
Operating expenses were $132.5 million and $137.1 million for the three months ended September 30, 2025 and 2024, respectively, a decrease of $4.6 million, or 3%, including decreases of $4.0 million in operating expenses associated with our terminals operations, primarily in maintenance and repairs, and $0.6 million in operating expenses related to our GDSO operations.
Previous wording
Operating expenses were $262.4 million and $250.1 million for the six months ended June 30, 2025 and 2024, respectively, an increase of $12.3 million, or 5%, including an increase of $14.2 million in operating expenses associated with our terminals operations, primarily in maintenance and repairs, as well as the addition of the Acquired Terminals. The increase in operating expenses was offset by a decrease of $1.9 million in operating expenses related to our GDSO operations.
Current wording
Operating expenses were $394.9 million and $387.2 million for the nine months ended September 30, 2025 and 2024, respectively, an increase of $7.7 million, or 2%, including an increase of $10.2 million in operating expenses associated with our terminals operations, primarily in maintenance and repairs, as well as the addition of the Acquired Terminals, offset by lower rent and lease expenses. The increase in operating expenses was offset by a decrease of $2.5 million in operating expenses related to our GDSO operations.
Previous wording
Amortization expense related to intangible assets was $1.4 million and $2.0 million for the three months ended June 30, 2025 and 2024, respectively, and $2.8 million and $3.9 million for the six months ended June 30, 2025 and 2024, respectively.
Current wording
Amortization expense related to intangible assets was $1.3 million and $2.3 million for the three months ended September 30, 2025 and 2024, respectively, and $4.1 million and $6.1 million for the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
Net (Loss) Gain on Sale and Disposition of Assets
Current wording
Net Gain on Sale and Disposition of Assets
Previous wording
Net (loss) gain on sale and disposition of assets was ($0.3 million) and $0.3 million for the three months ended June 30, 2025 and 2024, respectively, and $2.2 million and $2.8 million for the six months ended June 30, 2025 and 2024, respectively, primarily due to the sale of GDSO sites.
Current wording
Net gain on sale and disposition of assets was $0.1 million and $7.8 million for the three months ended September 30, 2025 and 2024, respectively, and $2.4 million and $10.6 million for the nine months ended September 30, 2025 and 2024, respectively, primarily due to the sale of GDSO sites.
Previous wording
We recognized impairment charges relating to construction in process assets allocated to the GDSO segment in the amount of $0.2 million for each of the three and six months ended June 30, 2025. No impairment charges were recognized for the three and six months ended June 30, 2024.
Current wording
We recognized an immaterial impairment charge relating to construction in process assets allocated to the GDSO segment for the three months ended September 30, 2025 and $0.2 million for the nine months ended September 30, 2025. We recognized impairment charges relating to certain right of use assets and construction in process assets allocated to the GDSO segment in the total amount of $0.5 million for each of the three and nine months ended September 30, 2024.
Previous wording
Income (loss) from equity method investments was $2.3 million and ($0.3 million) for the three months ended June 30, 2025 and 2024, respectively, and $2.4 million and ($1.7 million) for the six months ended June 30, 2025 and 2024, respectively, representing our proportional share of income (loss) from our equity method investments in our joint ventures. See Note 10 of Notes to Consolidated Financial Statements for information on our equity method investments.
Current wording
Income (loss) from equity method investments was $0.7 million and ($0.1 million) for the three months ended September 30, 2025 and 2024, respectively, and $3.1 million and ($1.9 million) for the nine months ended September 30, 2025 and 2024, respectively, representing our proportional share of income (loss) from our equity method investments in our joint ventures. See Note 10 of Notes to Consolidated Financial Statements for information on our equity method investments.
Previous wording
Interest expense was $34.5 million and $35.5 million for the three months ended June 30, 2025 and 2024, respectively, a decrease of $1.0 million, or 3%, in part due to lower average balances on our revolving credit facility.
Current wording
Interest expense was $33.3 million and $35.1 million for the three months ended September 30, 2025 and 2024, respectively, a decrease of $1.8 million, or 5%, in part due to lower average balances on our credit facilities.
Previous wording
Interest expense was $70.5 million and $65.2 million for the six months ended June 30, 2025 and 2024, respectively, an increase of $5.3 million, or 8%, primarily due to higher average balances on our credit facilities.
Current wording
Interest expense was $103.9 million and $100.3 million for the nine months ended September 30, 2025 and 2024, respectively, an increase of $3.6 million, or 4%, primarily due to higher average balances on our working capital credit facility.
Previous wording
As a result of the redemption of a portion of the 2027 Notes, we recorded a $2.8 million loss from early extinguishment of debt for each of the three and six months ended June 30, 2025, consisting of a $1.7 million non-cash write-off of a portion of our remaining unamortized original issue discount and a $1.1 million cash call premium. Please read “—Liquidity and Capital Resources—Senior Notes” for additional information.
Current wording
As a result of the redemption of all $400.0 million of the 2027 Notes, we recorded a loss from early extinguishment of debt of $0.2 million and $3.0 million for the three and nine months ended September 30, 2025, respectively. This loss consists of a non-cash write-off of a portion of the remaining unamortized original issue discount of $0.2 million and $1.9 million for the three and nine months ended September 30, 2025, respectively, and a cash call premium of $0 and $1.1 million for the three and nine months ended September 30, 2025, respectively. Please read “—Liquidity and Capital Resources—Senior Notes” for additional information.
Previous wording
Income tax benefit (expense) was $0.1 million and ($1.8 million) for the three months ended June 30, 2025 and 2024, respectively, and ($1.1 million) and ($2.2 million) for the six months ended June 30, 2025 and 2024, respectively, which predominantly reflects the income tax expense from the operating results of GMG, which is a taxable entity for federal and state income tax purposes.
Current wording
Income tax benefit (expense) was $0.4 million and ($2.3 million) for the three months ended September 30, 2025 and 2024, respectively, and ($0.7 million) and ($4.5 million) for the nine months ended September 30, 2025 and 2024, respectively, which predominantly reflects the income tax expense from the operating results of GMG, which is a taxable entity for federal and state income tax purposes.
Previous wording
Working capital was $187.9 million and $207.2 million at June 30, 2025 and December 31, 2024, respectively, a decrease of $19.3 million. Changes in current assets and current liabilities decreasing our working capital primarily include, in part, a decrease of $98.5 million in inventories due to carrying lower levels of inventory during the period and an increase of $80.4 million in accounts payable. The decrease in working capital was offset by an increase of $91.4 million in accounts receivable and decreases of $43.9 million in accrued expenses and $31.0 million in the current portion of our working capital revolving credit facility.
Current wording
Working capital was $200.2 million and $207.2 million at September 30, 2025 and December 31, 2024, respectively, a decrease of $7.0 million. Changes in current assets and current liabilities decreasing our working capital primarily include, in part, decreases of $115.6 million in inventories due to carrying lower levels of inventory during the period and $10.1 million in prepaids and other current assts and an increase of $11.1 million in the current portion of our working capital revolving credit facility. The decrease in working capital was offset by decreases in accrued expenses and other current liabilities and accounts payable of $56.1 million and $23.6 million, respectively, and an increase in accounts receivable of $48.9 million.
Previous wording
In addition, on July 25, 2025, the board of directors of our general partner declared a quarterly cash distribution of $0.7500 per unit ($3.00 per unit on an annualized basis) on our common units for the period from April 1, 2025 through June 30, 2025 to our common unitholders of record as of the close of business on August 8, 2025. We expect to pay the total cash distribution of approximately $30.1 million on August 14, 2025.
Current wording
In addition, on October 28, 2025, the board of directors of our general partner declared a quarterly cash distribution of $0.7550 per unit ($3.02 per unit on an annualized basis) on our common units for the period from July 1, 2025 through September 30, 2025 to our common unitholders of record as of the close of business on November 10, 2025. We expect to pay the total cash distribution of $30.5 million on November 14, 2025.
Previous wording
In addition, on July 14, 2025, the board of directors of our general partner declared a quarterly cash distribution of $0.59375 per unit ($2.375 per unit on an annualized basis) on the Series B Preferred Units for the period from May 15, 2025 through August 14, 2025 to our Series B preferred unitholders of record as of the opening of business on August 1, 2025. We expect to pay the total cash distribution of approximately $1.8 million on August 15, 2025.
Current wording
In addition, on October 14, 2025, the board of directors of our general partner declared a quarterly cash distribution of $0.59375 per unit ($2.375 per unit on an annualized basis) on the Series B Preferred Units for the period from August 15, 2025 through November 14, 2025 to our Series B preferred unitholders of record as of the opening of business on November 3, 2025. We expect to pay the total cash distribution of $1.8 million on November 17, 2025.
Previous wording
Our operations require investments to maintain, expand, upgrade and enhance existing operations and to meet environmental and operational regulations. We categorize our capital requirements as either maintenance capital expenditures or expansion capital expenditures. Maintenance capital expenditures represent capital expenditures to repair or replace partially or fully depreciated assets to maintain the operating capacity of, or revenues generated by, existing assets and extend their useful lives. Maintenance capital expenditures also include expenditures required to maintain equipment reliability, tank and pipeline integrity and safety and to address certain environmental regulations. We anticipate that maintenance capital expenditures will be funded with cash generated by operations. We had approximately $19.5 million and $20.7 million in maintenance capital expenditures for the six months ended June 30, 2025 and 2024, respectively, which are included in capital expenditures in the accompanying consolidated statements of cash flows, of which approximately $15.5 million and $16.7 million for the six months ended June 30, 2025 and 2024, respectively, are related to our investments in our gasoline station business. Repair and maintenance expenses associated with existing assets that are minor in nature and do not extend the useful life of existing assets are charged to operating expenses as incurred.
Current wording
Our operations require investments to maintain, expand, upgrade and enhance existing operations and to meet environmental and operational regulations. We categorize our capital requirements as either maintenance capital expenditures or expansion capital expenditures. Maintenance capital expenditures represent capital expenditures to repair or replace partially or fully depreciated assets to maintain the operating capacity of, or revenues generated by, existing assets and extend their useful lives. Maintenance capital expenditures also include expenditures required to maintain equipment reliability, tank and pipeline integrity and safety and to address certain environmental regulations. We anticipate that maintenance capital expenditures will be funded with cash generated by operations. We had $34.1 million and $31.9 million in maintenance capital expenditures for the nine months ended September 30, 2025 and 2024, respectively, which are included in capital expenditures in the accompanying consolidated statements of cash flows, of which $24.1 million and $25.4 million for the nine months ended September 30, 2025 and 2024, respectively, are related to our investments in our gasoline station business. Repair and maintenance expenses associated with existing assets that are minor in nature and do not extend the useful life of existing assets are charged to operating expenses as incurred.
Previous wording
Expansion capital expenditures include expenditures to acquire assets to grow our businesses or expand our existing facilities, such as projects that increase our operating capacity or revenues by, for example, increasing dock capacity and tankage, diversifying product availability, investing in raze and rebuilds and new-to-industry gasoline stations and convenience stores, increasing storage flexibility at various terminals and by adding terminals to our storage network. We have the ability to fund our expansion capital expenditures through cash from operations or our credit agreement or by issuing debt securities or additional equity. We had approximately $13.4 million and $11.5 million in expansion capital expenditures, excluding acquired property and equipment, for the six months ended June 30, 2025 and 2024, respectively, primarily related to investments in our gasoline station and terminal businesses.
Current wording
Expansion capital expenditures include expenditures to acquire assets to grow our businesses or expand our existing facilities, such as projects that increase our operating capacity or revenues by, for example, increasing dock capacity and tankage, diversifying product availability, investing in raze and rebuilds and new-to-industry gasoline stations and convenience stores, increasing storage flexibility at various terminals and by adding terminals to our storage
Previous wording
We currently expect maintenance capital expenditures of approximately $60.0 million to $70.0 million and expansion capital expenditures, excluding acquisitions, of approximately $65.0 million to $75.0 million in 2025, relating primarily to investments in our gasoline station and terminal businesses. These current estimates depend, in part, on the timing of completion of projects, availability of equipment and workforce, weather and unanticipated events or opportunities requiring additional maintenance or investments.
Current wording
We currently expect maintenance capital expenditures of approximately $45.0 million to $55.0 million and expansion capital expenditures, excluding acquisitions, of approximately $40.0 million to $50.0 million in 2025, relating primarily to investments in our gasoline station and terminal businesses. These current estimates depend, in part, on the timing of completion of projects, availability of equipment and workforce, weather and unanticipated events or opportunities requiring additional maintenance or investments.
Previous wording
Net cash provided by (used) in operating activities was $164.7 million and ($158.3 million) for the six months ended June 30, 2025 and 2024, respectively, for a period-over-period increase in cash flow from operating activities of $323.0 million.
Current wording
Net cash provided by (used) in operating activities was $183.7 million and ($35.6 million) for the nine months ended September 30, 2025 and 2024, respectively, for a period-over-period increase in cash flow from operating activities of $219.3 million.
Previous wording
For the six months ended June 30, 2025, the above changes include: (i) an increase in accounts receivable due in part to timing of sales, partially offset by a decrease in prices, (ii) a decrease in inventories due in part to carrying lower levels of inventory during the period and to a decrease in prices, and (iii) an increase in accounts payable due in part to timing of payments and a decrease in prices.
Current wording
For the nine months ended September 30, 2025, the above changes include: (i) an increase in accounts receivable due in part to timing of sales, partially offset by a decrease in prices, (ii) a decrease in inventories due in part to carrying lower levels of inventory during the period and to a decrease in prices, and (iii) a decrease in accounts payable due in part to timing of payments and a decrease in prices.
Previous wording
For the six months ended June 30, 2024, the above changes include: (i) an increase in accounts receivable due in part to an increase in prices and to timing of sales, (ii) an increase in inventories due in part to the inventory acquired from Gulf Oil and to an increase in prices during the period, and (iii)a decrease in accounts payable due in part to timing of payments.
Current wording
For the nine months ended September 30, 2024, the decreases in accounts receivable and accounts payable are due in part to timing of sales and payments and to a decrease in prices. The increase in inventories is due in part to the inventory acquired from Gulf Oil, partially offset by a decrease in prices.
Previous wording
Net cash used in investing activities was $44.4 million for the six months ended June 30, 2025 and included $32.9 million in capital expenditures and $20.3 million in expenditures associated with our equity method investments (see Note 10 of Notes to Consolidated Financial Statements). Net cash used in investing activities for the six months ended June 30, 2025 was offset by $4.7 million in dividends received of equity method investments, $4.0 million in proceeds from the sale of property and equipment and $0.1 million in seller note issuances which represent notes we received from buyers in connection with the sale of certain of our gasoline stations, offset by loan repayments.
Current wording
Net cash used in investing activities was $64.8 million for the nine months ended September 30, 2025 and included $52.6 million in capital expenditures and $24.9 million in expenditures associated with our equity method investments (see Note 10 of Notes to Consolidated Financial Statements). Net cash used in investing activities for the nine months ended September 30, 2025 was offset by $7.7 million in dividends received of equity method investments, $4.5 million in proceeds from the sale of property and equipment and $0.5 million in seller note issuances which represent notes we received from buyers in connection with the sale of certain of our gasoline stations, offset by loan repayments.
Previous wording
Net cash used in investing activities was $232.2 million for the six months ended June 30, 2024 and included $215.0 million related to the acquisition of four terminals from Gulf Oil, $32.2 million in capital expenditures, $10.1 million in expenditures associated with our equity method investments (see Note 10 of Notes to Consolidated Financial Statements) and $7.9 million in seller note issuances which represent notes we received from buyers in connection with the sale of certain of our gasoline stations, offset by loan repayments. Net cash used in investing
Current wording
Net cash used in investing activities was $230.4 million for the nine months ended September 30, 2024 and included $215.0 million related to the acquisition of the terminals from Gulf Oil, $56.5 million in capital expenditures, $13.9 million in expenditures associated with our equity method investments (see Note 10 of Notes to Consolidated Financial Statements) and $7.9 million in seller note issuances which represent notes we received from buyers in connection with the sale of certain of our gasoline stations, offset by loan repayments. Net cash used in investing activities for the nine months ended September 30, 2024 was offset by $46.0 million in proceeds from the sale of property and equipment and $16.9 million in dividends received of equity method investments.
Previous wording
Please read “—Capital Expenditures” for a discussion of our capital expenditures for the six months ended June 30, 2025 and 2024.
Current wording
Please read “—Capital Expenditures” for a discussion of our capital expenditures for the nine months ended September 30, 2025 and 2024.
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Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
network. We have the ability to fund our expansion capital expenditures through cash from operations or our credit agreement or by issuing debt securities or additional equity. We had $21.2 million and $24.6 million in expansion capital expenditures, excluding acquired property and equipment, for the nine months ended September 30, 2025 and 2024, respectively, primarily related to investments in our gasoline station and terminal businesses.
Current report — wording carried from elsewhere
facility we expect to pay down during the course of the year. The long-term portion of the working capital revolving credit facility is the amount we expect to be outstanding during the entire year. The credit agreement expires on March 20, 2028.
Current report — wording carried from elsewhere
thereafter, plus accrued and unpaid interest, if any, to the redemption date. In addition, prior to July 1, 2028, the Issuers may redeem all or part of the 2033 Notes at a redemption price equal to the sum of the principal amount thereof, plus a make whole premium, plus accrued and unpaid interest, if any, to the redemption date. The holders of the 2033 Notes may require the Issuers to repurchase the 2033 Notes following certain asset sales or a Change of Control Triggering Event (as defined in the 2033 Notes Indenture) at the prices and on the terms specified in the 2033 Notes Indenture.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Operations—Liquidity and Capital Resources—Senior Notes” in our Annual Report on Form 10-K for the year ended December 31, 2024 for additional information on the 6.875% senior notes due 2029 and the 8.25% senior notes due 2032.
Previous report — wording carried elsewhere
activities for the six months ended June 30, 2024 was offset by $18.3 million in proceeds from the sale of property and equipment and $14.7 million in dividends received of equity method investments.