GLOBAL PARTNERS LP

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 March 31, 2026, we had a portfolio of 1,513 owned, leased and/or supplied gasoline stations, including 290 directly operated convenience stores, primarily in the Northeast, as well as 68 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 June 30, 2026, we had a portfolio of 1,505 owned, leased and/or supplied gasoline stations, including 286 directly operated convenience stores, primarily in the Northeast, as well as 69 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 $5.2 billion of refined petroleum products, gasoline blendstocks, renewable fuels and crude oil for the three months ended March 31, 2026. In addition, we had other revenues of $0.1 billion for the three months ended March 31, 2026 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 $6.7 billion and $11.8 billion of refined petroleum products, gasoline blendstocks, renewable fuels and crude oil for the three and six months ended June 30, 2026, respectively. In addition, we had other revenues of $0.1 billion and $0.3 billion for the three and six months ended June 30, 2026, 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

In our Wholesale segment, we engage in the logistics of selling, gathering, blending, storing and transporting refined petroleum products, gasoline blendstocks, renewable fuels, crude oil and propane. We transport these products by railcars, barges, trucks and/or pipelines pursuant to spot or long-term contracts. We sell home heating oil, branded and unbranded gasoline and gasoline blendstocks, diesel, kerosene and residual oil to retail and wholesale distributors.

Current wording

In our Wholesale segment, we engage in the logistics of selling, gathering, blending, storing and transporting refined petroleum products, gasoline blendstocks, renewable fuels, crude oil and propane. We transport these products by railcars, barges, trucks and/or pipelines pursuant to spot or long-term contracts. We sell home heating oil, branded and unbranded gasoline and gasoline blendstocks, diesel, kerosene and residual oil to retail and wholesale distributors. Generally, customers use their own vehicles or contract carriers to take delivery of the gasoline, distillates and propane at bulk terminals and inland storage facilities that we own or control or at which we have throughput or exchange arrangements. Ethanol is shipped primarily by rail and by barge.

Previous wording

In our Commercial segment, we include sales and deliveries to end user customers in the public sector and to large commercial and industrial end users of unbranded gasoline, home heating oil, diesel, kerosene, residual oil and bunker fuel. In the case of public sector commercial and industrial end user customers, we sell products primarily either through a competitive bidding process or through contracts of various terms. We respond to publicly issued requests for product proposals and quotes. We generally arrange for the delivery of the product to the customer’s designated location. Our Commercial segment also includes sales of custom blended fuels delivered by barges or from a terminal dock to ships through bunkering activity.

Current wording

through a competitive bidding process or through contracts of various terms. We respond to publicly issued requests for product proposals and quotes. We generally arrange for the delivery of the product to the customer’s designated location. Our Commercial segment also includes sales of custom blended fuels delivered by barges or from a terminal dock to ships through bunkering activity.

Previous wording

reasons, including the following: (1) we are unable to identify attractive transaction candidates or negotiate acceptable terms; (2) we are unable to obtain financing for such transactions on economically acceptable terms; or (3) we are outbid by competitors. Many of these transactions involve numerous regulatory, environmental, commercial and legal uncertainties beyond our control, which may materially alter the expected return associated with the underlying transaction. We may consummate transactions that we believe will be accretive but that ultimately may not be accretive.

Current wording

economic results we anticipate from completed acquisitions or growth projects. We are continuously engaged in discussions with potential sellers and lessors of existing (or suitable for development) terminalling, storage, logistics and/or marketing assets, including gasoline stations, convenience stores and related businesses, and also consider organic growth projects. Our growth largely depends on our ability to make accretive acquisitions and/or accretive development projects. We may be unable to execute such accretive transactions for a number of reasons, including the following: (1) we are unable to identify attractive transaction candidates or negotiate acceptable terms; (2) we are unable to obtain financing for such transactions on economically acceptable terms; or (3) we are outbid by competitors. Many of these transactions involve numerous regulatory, environmental, commercial and legal uncertainties beyond our control, which may materially alter the expected return associated with the underlying transaction. We may consummate transactions that we believe will be accretive but that ultimately may not be accretive.

Previous wording

predict the future prices of RINs. RIN prices are dependent upon a variety of factors, including EPA regulations related to the amount of RINs required and the total amounts that can be generated, the availability of RINs for purchase, the price at which RINs can be purchased, and levels of transportation fuels produced, all of which can vary significantly from quarter to quarter. If sufficient RINs are unavailable for purchase or if we have to pay a significantly higher price for RINs, or if we are otherwise unable to meet the EPA’s RFS mandates, our results of operations and cash flows could be adversely affected. Future demand for ethanol will be largely dependent upon the economic incentives to blend based upon the relative value of gasoline and ethanol, taking into consideration the EPA’s regulations on the RFS program and oxygenate blending requirements. A reduction or waiver of the RFS mandate or oxygenate blending requirements could adversely affect the availability and pricing of ethanol, which in turn could adversely affect our future gasoline and ethanol sales. In addition, changes in blending requirements or broadening the definition of what constitutes a renewable fuel could affect the price of RINs which could impact the magnitude of the mark-to-market liability recorded for the deficiency, if any, in our RIN position relative to our RVO at a point in time. Future changes proposed by EPA for the renewable volume obligations may increase the cost to consumers for transportation fuel, which could result in a decline in demand for fuels and lower revenues for our business.

Current wording

Fuel Standard (“RFS”) pursuant to the Energy Policy Act of 2005 and the Energy Independence and Security Act of 2007. The RFS program seeks to promote the incorporation of renewable fuels in the nation’s fuel supply and, to that end, sets annual quotas for the quantity of renewable fuels (such as ethanol) that must be blended into transportation fuels consumed in the United States. A RIN is assigned to each gallon of renewable fuel produced in or imported into the United States. We are exposed to volatility in the market price of RINs. We cannot predict the future prices of RINs. RIN prices are dependent upon a variety of factors, including EPA regulations related to the amount of RINs required and the total amounts that can be generated, the availability of RINs for purchase, the price at which RINs can be purchased, and levels of transportation fuels produced, all of which can vary significantly from quarter to quarter. If sufficient RINs are unavailable for purchase or if we have to pay a significantly higher price for RINs, or if we are otherwise unable to meet the EPA’s RFS mandates, our results of operations and cash flows could be adversely affected. Future demand for ethanol will be largely dependent upon the economic incentives to blend based upon the relative value of gasoline and ethanol, taking into consideration the EPA’s regulations on the RFS program and oxygenate blending requirements. A reduction or waiver of the RFS mandate or oxygenate blending requirements could adversely affect the availability and pricing of ethanol, which in turn could adversely affect our future gasoline and ethanol sales. In addition, changes in blending requirements or broadening the definition of what constitutes a renewable fuel could affect the price of RINs which could impact the magnitude of the mark-to-market liability recorded for the deficiency, if any, in our RIN position relative to our RVO at a point in time. Future changes proposed by EPA for the renewable volume obligations may increase the cost to consumers for transportation fuel, which could result in a decline in demand for fuels and lower revenues for our business.

Previous wording

Our management uses a variety of financial and operational measurements to analyze our performance. These measurements include: (1) product margin, (2) gross profit, (3) earnings before interest, taxes, depreciation and

Current wording

Our management uses a variety of financial and operational measurements to analyze our performance. These measurements include: (1) product margin, (2) gross profit, (3) earnings before interest, taxes, depreciation and amortization (“EBITDA”) and adjusted EBITDA, (4) distributable cash flow and adjusted distributable cash flow, (5) selling, general and administrative expenses (“SG&A”), (6) operating expenses and (7) degree days.

Previous wording

Adjusted EBITDA is EBITDA further adjusted for gains or losses on the sale and disposition of assets, goodwill and long-lived asset impairment charges and our proportionate share of EBITDA related to our joint venture, SPR, which is accounted for using the equity method. EBITDA and adjusted EBITDA should not be considered as alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA and adjusted EBITDA exclude some, but not all, items that affect net income, and these measures may vary among other companies. Therefore, EBITDA and adjusted EBITDA may not be comparable to similarly titled measures of other companies.

Current wording

income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA and adjusted EBITDA exclude some, but not all, items that affect net income, and these measures may vary among other companies. Therefore, EBITDA and adjusted EBITDA may not be comparable to similarly titled measures of other companies.

Previous wording

A “degree day” is an industry measurement of temperature designed to evaluate energy demand and consumption. Degree days are based on how far the average temperature departs from a human comfort level of 65°F. Each degree of temperature above 65°F is counted as one cooling degree day, and each degree of temperature below 65°F is counted as one heating degree day. Degree days are accumulated each day over the course of a year and can be compared to a monthly or a long-term (multi-year) average, or normal, to see if a month or a year was warmer or cooler than usual. Degree days are officially observed by the National Weather Service and officially archived by the National Climatic

Current wording

temperature above 65°F is counted as one cooling degree day, and each degree of temperature below 65°F is counted as one heating degree day. Degree days are accumulated each day over the course of a year and can be compared to a monthly or a long-term (multi-year) average, or normal, to see if a month or a year was warmer or cooler than usual. Degree days are officially observed by the National Weather Service and officially archived by the National Climatic Data Center. For purposes of evaluating our results of operations, we use the normal heating degree day amount as reported by the National Weather Service at its Logan International Airport station in Boston, Massachusetts.

Previous wording

Our total sales were $5.3 billion and $4.6 billion for the three months ended March 31, 2026 and 2025, respectively, increasing $729.6 million, or 16%, primarily due to increases in prices and in volume sold. Our aggregate volume of product sold was 2.1 billion gallons and 1.9 billion gallons for the three months ended March 31, 2026 and 2025, respectively, increasing 210 million gallons from the prior-year period (consisting of increases of 194 million

Current wording

Our total sales were $12.1 billion and $9.2 billion for the six months ended June 30, 2026 and 2025, respectively, an increase of $2.9 billion, or 31%, primarily due to increases in prices and volume sold. Our aggregate volume of product sold was 4.1 billion gallons and 3.9 billion gallons for the six months ended June 30, 2026 and 2025, respectively, increasing 173 million gallons from the prior-year period (consisting of increases of 206 million gallons and 24 million gallons in our Wholesale and Commercial segments, respectively, offset by a decrease of 57 million gallons in our GDSO segment).

Previous wording

Our gross profit was $332.2 million and $255.2 million for the three months ended March 31, 2026 and 2025, respectively, an increase of $77.0 million, or 30%. In our Wholesale segment, our product margins increased primarily due to more favorable market conditions, largely in gasoline and residual oil. In our GDSO segment, our gasoline distribution product margin increased primarily due to higher 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 increased primarily due to more favorable market conditions.

Current wording

Our gross profit was $661.1 million and $527.6 million for the six months ended June 30, 2026 and 2025, respectively, an increase of $133.5 million, or 25%. In our Wholesale segment, our product margins increased primarily due to more favorable market conditions in gasoline and residual oil. In our GDSO segment, our gasoline distribution product margin increased primarily due to higher 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 increased primarily due to more favorable market conditions in bunkering.

Previous wording

Gasoline and Gasoline Blendstocks. Sales from wholesale gasoline and gasoline blendstocks were $1.9 billion and $1.7 billion for the three months ended March 31, 2026 and 2025, respectively, increasing $182.9 million, or 11%, primarily due to increases in prices and in volume sold. Our gasoline and gasoline blendstocks product margin was $101.2 million and $57.1 million for the three months ended March 31, 2026 and 2025, respectively, an increase of $44.1 million, or 77%, primarily due to more favorable market conditions, largely in gasoline.

Current wording

Gasoline and Gasoline Blendstocks. Sales from wholesale gasoline and gasoline blendstocks were $3.3 billion and $2.1 billion for the three months ended June 30, 2026 and 2025, respectively, an increase of $1.2 billion, or 56%, primarily due to increases in prices and volume sold. Our gasoline and gasoline blendstocks product margin was $78.4 million and $58.8 million for the three months ended June 30, 2026 and 2025, respectively, an increase of $19.6 million, or 33%, primarily due to more favorable market conditions in gasoline, partially offset by less favorable market conditions in gasoline blendstocks.

Previous wording

Distillates and Other Oils. Sales from distillates and other oils (primarily residual oil and crude oil) were $1.9 billion and $1.5 billion for the three months ended March 31, 2026 and 2025, respectively, increasing $476.3 million, or 32%, primarily due to increases in prices and in volume sold. Our product margin from distillates and other oils was $52.9 million and $36.5 million for the three months ended March 31, 2026 and 2025, respectively, an increase of $16.4 million, or 45%, primarily due to more favorable market conditions, largely in residual oil.

Current wording

Distillates and Other Oils. Sales from distillates and other oils (primarily residual oil and crude oil) were $1.6 billion and $1.0 billion for the three months ended June 30, 2026 and 2025, respectively, increasing $569.2 million, or 57%, primarily due to an increase in prices, partially offset by a decrease in volume sold. Our product margin from

Previous wording

Gasoline Distribution. Sales from gasoline distribution were $1.0 billion for each of the three months ended March 31, 2026 and 2025, decreasing $22.6 million, or 2%, primarily due to a decrease in volume sold, partially offset by an increase in prices. Our product margin from gasoline distribution was $136.7 million and $125.8 million for the three months ended March 31, 2026 and 2025, respectively, an increase of $10.9 million, or 9%, primarily due to higher fuel margins (cents per gallon) compared to the same period in 2025.

Current wording

Gasoline Distribution. Sales from gasoline distribution were $1.4 billion and $1.1 billion for the three months ended June 30, 2026 and 2025, respectively, increasing $333.2 million, or 31%, primarily due to an increase in prices, partially offset by a decrease in volume sold. Our product margin from gasoline distribution was $175.0 million and $137.9 million for the three months ended June 30, 2026 and 2025, respectively, an increase of $37.1 million, or 27%, primarily due to higher fuel margins (cents per gallon) compared to the same period in 2025.

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 $122.1 million and $121.4 million for the three months ended March 31, 2026 and 2025, respectively, an increase of $0.7 million, or 1%. Our product margin from station operations was $62.6 million and $62.1 million for the three months ended March 31, 2026 and 2025, respectively, an increase of $0.5 million, or 1%. The increases in sales and product margin are due in part to an increase 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 $142.2 million and $141.4 million for the three months ended June 30, 2026 and 2025, respectively, an increase of $0.8 million. Our product margin from station operations was $70.2 million and $70.0 million for the three months ended June 30, 2026 and 2025, respectively, an increase of $0.2 million. The increases in sales and product margin are due in part to an increase in sundries.

Previous wording

Our commercial sales were $367.4 million and $275.1 million for the three months ended March 31, 2026 and 2025, respectively, an increase of $92.3 million or 34%, primarily due to increases in prices and in volume sold. Our commercial product margin was $11.7 million and $7.1 million for the three months ended March 31, 2026 and 2025, respectively, an increase of $4.6 million, or 64%, primarily due to more favorable market conditions.

Current wording

Our commercial sales were $737.5 million and $550.9 million for the six months ended June 30, 2026 and 2025, respectively, an increase of $186.6 million or 34%, primarily due to increases in prices and volume sold. Our commercial product margin was $22.2 million and $13.2 million for the six months ended June 30, 2026 and 2025, respectively, an increase of $9.0 million, or 68%, primarily due to more favorable market conditions in bunkering.

Previous wording

SG&A expenses were $99.3 million and $73.7 million for the three months ended March 31, 2026 and 2025, respectively, an increase of $25.6 million, or 35%, including increases of $21.1 million in accrued discretionary

Current wording

SG&A expenses were $83.0 million and $74.7 million for the three months ended June 30, 2026 and 2025, respectively, an increase of $8.3 million, or 11%, including increases of $6.8 million in accrued discretionary incentive

Previous wording

incentive compensation, $2.8 million in wages and benefits, $0.9 million in dues and subscriptions and $0.8 million in various other SG&A expenses.

Current wording

compensation, $4.0 million in wages and benefits and $2.3 million in various other SG&A expenses, offset by a decrease of $4.8 million in professional fees.

Previous wording

Operating expenses were $129.2 million and $126.7 million for the three months ended March 31, 2026 and 2025, respectively, an increase of $2.5 million, or 2%, including increases of $1.4 million in operating expenses related to our GDSO operations and $1.1 million in operating expenses associated with our terminals operations.

Current wording

Operating expenses were $136.8 million and $135.7 million for the three months ended June 30, 2026 and 2025, respectively, an increase of $1.1 million, or 1%, including an increase of $2.6 million in operating expenses related to our GDSO operations, offset by a decrease of $1.5 million in operating expenses associated with our terminals.

Previous wording

Amortization expense related to intangible assets was $1.3 million and $1.4 million for the three months ended March 31, 2026 and 2025, respectively.

Current wording

Amortization expense related to intangible assets was $1.3 million and $1.4 million for the three months ended June 30, 2026 and 2025, respectively, and $2.5 million and $2.8 million for the six months ended June 30, 2026 and 2025, respectively.

Previous wording

Net Gain on Sale and Disposition of Assets

Current wording

Net (Loss) Gain on Sale and Disposition of Assets

Previous wording

Net gain on sale and disposition of assets was $3.4 million and $2.5 million for the three months ended March 31, 2026 and 2025, respectively, primarily due to the sale of GDSO sites.

Current wording

Net (loss) gain on sale and disposition of assets was ($0.4 million) and ($0.3 million) for the three months ended June 30, 2026 and 2025, respectively, and $3.0 million and $2.2 million for the six months ended June 30, 2026 and 2025, respectively, primarily due to the sale of GDSO sites.

Previous wording

Income from equity method investments was $0.7 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively, representing our proportional share of income 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 from equity method investments was $2.0 million and $2.3 million for the three months ended June 30, 2026 and 2025, respectively, and $2.7 million and $2.4 million for the six months ended June 30, 2026 and 2025, respectively, representing our proportional share of income 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 $35.5 million and $36.0 million for the three months ended March 31, 2026 and 2025, respectively, a decrease of $0.5 million, or 1%, in part due to lower average balances on our credit facilities.

Current wording

Interest expense was $33.1 million and $34.5 million for the three months ended June 30, 2026 and 2025, respectively, a decrease of $1.4 million, or 4%, and $68.6 million and $70.5 million for the six months ended June 30, 2026 and 2025, respectively, a decrease of $1.9 million, or 3%. These decreases are in part due to lower average balances on our credit facilities.

Previous wording

Income tax expense was $0.8 million and $1.2 million for the three months ended March 31, 2026 and 2025, 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 (expense) benefit was ($5.3 million) and $0.1 million for the three months ended June 30, 2026 and 2025, respectively, and $6.1 million and $1.1 million for the six months ended June 30, 2026 and 2025, 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 $184.5 million and $151.3 million at March 31, 2026 and December 31, 2025, respectively, an increase of $33.2 million. Changes in current assets and current liabilities increasing our working capital include, in part, increases of $242.8 million and $187.0 million in accounts receivable and inventories, respectively, due in part to an increase in prices. The increase in working capital was offset by increases of $182.2 million in the current portion of our working capital revolving credit facility and $176.6 million and $114.1 million in accounts payable and derivative liabilities, respectively, also due in part to an increase in prices.

Current wording

Working capital was $230.3 million and $151.3 million at June 30, 2026 and December 31, 2025, respectively, an increase of $79.0 million. Changes in current assets and current liabilities increasing our working capital include, in part, increases of $176.2 million and $28.7 million in accounts receivable and inventories, respectively, due in part to an increase in prices. The increase in working capital was offset by an increase of $141.1 million in accounts payable, also due in part to an increase in prices.

Previous wording

During 2026, we paid the following cash distribution to our common unitholders and our general partner:

Current wording

During 2026, we paid the following cash distributions to our common unitholders and our general partner:

Previous wording

In addition, on April 30, 2026, the board of directors of our general partner declared a quarterly cash distribution of $0.7650 per unit ($3.06 per unit on an annualized basis) on our common units for the period from January 1, 2026 through March 31, 2026 to our common unitholders of record as of the close of business on May 11, 2026. We expect to pay the total cash distribution of $31.1 million on May 15, 2026.

Current wording

In addition, on July 29, 2026, the board of directors of our general partner declared a quarterly cash distribution of $0.7800 per unit ($3.12 per unit on an annualized basis) on our common units for the period from April 1, 2026 through June 30, 2026 to our common unitholders of record as of the close of business on August 10, 2026. We expect to pay the total cash distribution of $32.1 million on August 14, 2026.

Previous wording

During 2026, we paid the following cash distribution to holders of the Series B Preferred Units:

Current wording

During the six months ended June 30, 2026, we paid the following cash distributions to holders of the Series B Preferred Units:

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 $10.0 million and $9.6 million in maintenance capital expenditures for the three months ended March 31, 2026 and 2025, respectively, which are included in capital expenditures in the accompanying consolidated statements of cash flows, of which $7.2 million and $7.9 million for the three months ended March 31, 2026 and 2025, 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 $25.8 million and $19.5 million in maintenance capital expenditures for the six months ended June 30, 2026 and 2025, respectively, which are included in capital expenditures in the accompanying consolidated statements of cash flows, of which $15.7 million and $15.5 million for the six months ended June 30, 2026 and 2025, 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 $21.9 million and $8.3 million in expansion capital expenditures, excluding acquired property and equipment, for the three months ended March 31, 2026 and 2025, 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 network. We have the ability to fund our expansion capital expenditures through cash from operations or our credit

Previous wording

Net cash used in operating activities was $104.7 million and $51.6 million for the three months ended March 31, 2026 and 2025, respectively, for a period-over-period decrease in cash flow from operating activities of $53.1 million.

Current wording

Net cash provided by operating activities was $204.7 million and $164.7 million for the six months ended June 30, 2026 and 2025, respectively, for a period-over-period increase in cash flow from operating activities of $40.0 million.

Previous wording

For the three months ended March 31, 2026, the increases in accounts receivable and accounts payable are due in part to timing of sales and payments and to an increase in prices. The increase in inventories is also due in part to an increase in prices, partially offset from carrying lower levels of inventory during the period.

Current wording

For the six months ended June 30, 2026, the increases in accounts receivable and accounts payable are due in part to timing of sales and payments and to an increase in prices. The increase in inventories is also due in part to an increase in prices, partially offset from carrying lower levels of inventory during the period.

Previous wording

For the three months ended March 31, 2025, the increases in accounts receivable and accounts payable are due in part to timing of sales and payments. The decrease in inventories is due in part to carrying lower levels of inventory during the period.

Current wording

For the six months ended June 30, 2025, the increases in accounts receivable and accounts payable are due in part to timing of sales and payments, partially offset by a decrease in prices. The decrease in inventories is due in part to carrying lower levels of inventory during the period and to a decrease in prices.

Previous wording

Net cash used in investing activities was $28.5 million for the three months ended March 31, 2025 and included $17.9 million in capital expenditures, $16.7 million in expenditures associated with our equity method investments (see Note 10 of Notes to Consolidated Financial Statements) and $0.2 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 three months ended March 31, 2025 was offset by $3.6 million in proceeds from the sale of property and equipment and $2.7 million in dividends received of equity method investments.

Current wording

Net cash used in investing activities was $59.3 million for the six months ended June 30, 2026 and included $66.8 million in capital expenditures and $7.1 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, 2026 was offset by $5.8 million in proceeds from the sale of property and equipment, $5.6 million in dividends received of equity method investments and $3.2 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 $28.1 million for the three months ended March 31, 2026 and included $31.9 million in capital expenditures and $4.5 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 three months ended March 31, 2026 was offset by $5.2 million in proceeds from the sale of property and equipment and $3.1 million in dividends received of equity method investments.

Current 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.

Previous wording

Please read “—Capital Expenditures” for a discussion of our capital expenditures for the three months ended March 31, 2026 and 2025.

Current wording

Please read “—Capital Expenditures” for a discussion of our capital expenditures for the six months ended June 30, 2026 and 2025.

Previous wording

financing activities was offset by $31.1 million in cash distributions to our limited partners (preferred and common unitholders) and our general partner, $10.8 million in LTIP units withheld for tax obligations, $3.4 million paid pursuant to distribution equivalent rights previously granted under our LTIP and $0.5 million in the repurchase of common units pursuant to our repurchase program for future satisfaction of our LTIP obligations.

Current wording

Net cash used in financing activities was $133.8 million for the six months ended June 30, 2026 and included $65.4 million in cash distributions to our limited partners (preferred and common unitholders) and our general partner, $51.5 million in net payments on our working capital revolving credit facility, $7.6 million in LTIP units withheld for tax obligations, $6.0 million in the repurchase of common units pursuant to our repurchase program for future satisfaction of our LTIP obligations and $3.3 million paid pursuant to distribution equivalent rights previously granted under our LTIP.

Previous wording

The average interest rates for the credit agreement were 6.0% and 6.6% for the three months ended March 31, 2026 and 2025, respectively.

Current wording

The average interest rates for the credit agreement were 5.9% and 6.7% for the three months ended June 30, 2026 and 2025, respectively, and 6.0% and 6.6% for the six months ended June 30, 2026 and 2025, respectively.

Previous wording

As of March 31, 2026, we had $408.3 million outstanding on the working capital revolving credit facility and $103.5 million outstanding on the revolving credit facility. In addition, we had outstanding letters of credit of $159.2 million. Subject to borrowing base limitations, the total remaining availability for borrowings and letters of credit was $1.13 billion and $1.03 billion at March 31, 2026 and December 31, 2025, respectively.

Current wording

As of June 30, 2026, we had $174.6 million outstanding on the working capital revolving credit facility and $103.5 million outstanding on the revolving credit facility. In addition, we had outstanding letters of credit of $84.8 million. Subject to borrowing base limitations, the total remaining availability for borrowings and letters of credit was $1.44 billion and $1.03 billion at June 30, 2026 and December 31, 2025, respectively.