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 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.

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, 2026, we had a portfolio of 1,489 owned, leased and/or supplied gasoline stations, including 283 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 $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.

Current wording

Collectively, we sold $6.5 billion and $18.4 billion of refined petroleum products, gasoline blendstocks, renewable fuels and crude oil for the three and nine months ended September 30, 2026, respectively. In addition, we had other revenues of $0.2 billion and $0.4 billion for the three and nine months ended September 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

At our company-operated stores, we operate the gasoline stations and convenience stores with our employees, and we set the retail price of gasoline at the station. At commissioned agent locations, we own the gasoline inventory, and we set the retail price of gasoline at the station and pay the commissioned agent a fee related to the gallons sold. We receive rental income from commissioned agent leased gasoline stations for the leasing of the convenience store premises, repair bays and/or other businesses that may be conducted by the commissioned agent. At dealer-leased locations, the dealer purchases gasoline from us, and the dealer sets the retail price of gasoline at the dealer’s station. We also receive rental income from (i) dealer-leased gasoline stations and (ii)cobranding arrangements. We also supply gasoline to locations owned and/or leased by independent contract dealers. Additionally, we have contractual relationships with distributors in certain New England states pursuant to which we source and supply these distributors’ gasoline stations with Exxon- or Mobil-branded gasoline.

Current wording

At our company-operated stores, we operate the gasoline stations and convenience stores with our employees, and we set the retail price of gasoline at the station. At commissioned agent locations, we own the gasoline inventory, and we set the retail price of gasoline at the station and pay the commissioned agent a fee related to the gallons sold. We receive rental income from commissioned agent leased gasoline stations for the leasing of the convenience store premises, repair bays and/or other businesses that may be conducted by the commissioned agent. At dealer-leased locations, the dealer purchases gasoline from us, and the dealer sets the retail price of gasoline at the dealer’s station. We also receive rental income from (i) dealer-leased gasoline stations and (ii)cobranding arrangements. We also supply gasoline to locations owned and/or leased by independent contract dealers. Additionally, we have contractual

Previous 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.

Current 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.

Previous wording

●*Our gasoline, convenience store and prepared food sales could be significantly reduced by a reduction in demand due to higher prices and inflation in general and new technologies and alternative fuel sources, such as electric, hybrid, battery powered, hydrogen or other alternative fuel-powered motor vehicles and changing consumer preferences and driving habits.*Technological advances and alternative fuel sources, such as electric, hybrid, battery powered, hydrogen or other alternative fuel-powered motor vehicles, may adversely affect the demand for gasoline. We could face additional competition from alternative energy sources as a result of future government-mandated controls or regulations which promote the use of alternative fuel sources. A number of legal incentives and regulatory requirements, and executive initiatives, including various government subsidies including the extension of certain tax credits for renewable energy, have made these alternative forms of energy more competitive. Changing consumer preferences or driving habits could lead to new forms of fueling destinations or potentially fewer customer visits to our sites, resulting in a decrease in gasoline sales and/or sales of food, sundries and other on-site services. In addition, higher prices, including as result of tariffs and other controls on imports or exports of goods, and inflation in general could reduce the demand for gasoline and the products and services we offer at our convenience stores and adversely impact our sales. A reduction in our sales could have an adverse effect on our financial condition, results of operations and cash available for distribution to our unitholders.

Current wording

●*Our gasoline, convenience store and prepared food sales could be significantly reduced by a reduction in demand due to higher prices and inflation in general and new technologies and alternative fuel sources, such as electric, hybrid, battery powered, hydrogen or other alternative fuel-powered motor vehicles and changing consumer preferences and driving habits.*Technological advances and alternative fuel sources, such as electric, hybrid, battery powered, hydrogen or other alternative fuel-powered motor vehicles, may adversely affect the demand for gasoline. We could face additional competition from alternative energy sources as a result of future government-mandated controls or regulations which promote the use of alternative fuel sources. A number of legal incentives and regulatory requirements, and executive initiatives, including various government subsidies including the extension of certain tax credits for renewable energy, have made these alternative forms of energy more competitive. Changing consumer preferences or driving habits could lead to new forms of fueling destinations or potentially fewer customer visits to our sites, resulting in a decrease in gasoline sales and/or sales of food, sundries and other on-site services. In addition, higher prices, including as a result of tariffs and other controls on imports or exports of goods, and inflation in general could reduce the demand for gasoline and the products and services we offer at our convenience stores and adversely impact our sales. A reduction in our sales could have an adverse effect on our financial condition, results of operations and cash available for distribution to our unitholders.

Previous 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.

Current 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.

Previous wording

Operating expenses are costs associated with the operation of the terminals, transload facilities and gasoline stations and convenience stores used in our businesses. Lease payments, maintenance and repair, property taxes, utilities, credit card fees, taxes, labor and labor-related expenses comprise the most significant portion of our operating expenses. While the majority of these expenses remains relatively stable, independent of the volumes through our system, they can fluctuate depending on the activities performed during a specific period. In addition, they can be impacted by new directives issued by federal, state and local governments.

Current wording

Operating expenses are costs associated with the operation of the terminals, transload facilities and gasoline stations and convenience stores used in our businesses. Lease payments, maintenance and repair, property taxes, utilities, credit card fees, taxes, labor and labor-related expenses comprise the most significant portion of our operating expenses. While the majority of these expenses remains relatively stable, independent of the volumes through our

Previous 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.

Current 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 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 $6.8 billion and $4.6 billion for the three months ended June 30, 2026 and 2025, respectively, an increase of $2.2 billion, or 47%, primarily due to an increase in prices, partially offset by a decrease in volume sold. Our aggregate volume of product sold was 2.0 billion gallons for each of the three months ended June 30, 2026 and 2025, decreasing 37 million gallons from the prior-year period (consisting of decreases of 31 million gallons and 18 million gallons in our GDSO and Commercial segments, respectively, offset by an increase of 12 million gallons in our Wholesale segment).

Current wording

Our total sales were $6.7 billion and $4.7 billion for the three months ended September 30, 2026 and 2025, respectively, an increase of $2.0 billion, or 42%, primarily due to an increase in prices, partially offset by a decrease in volume sold. Our aggregate volume of product sold was 1.9 billion gallons for each of the three months ended September 30, 2026 and 2025, decreasing 80 million gallons from the prior-year period (consisting of decreases of 30 million gallons, 26 million gallons and 24 million gallons in our GDSO, Wholesale and Commercial segments, respectively).

Previous 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).

Current wording

Our total sales were $18.8 billion and $13.9 billion for the nine months ended September 30, 2026 and 2025, respectively, an increase of $4.9 billion, or 35%, primarily due to increases in prices and volume sold. Our aggregate volume of product sold was 6.0 billion gallons and 5.9 billion gallons for the nine months ended September 30, 2026 and 2025, respectively, increasing 92 million gallons from the prior-year period (consisting of an increase of 179 million gallons in our Wholesale segment, offset by decreases of 86 million gallons and 1 million gallons in our GDSO and Commercial segments, respectively).

Previous wording

Our gross profit was $328.9 million and $272.4 million for the three months ended June 30, 2026 and 2025, respectively, an increase of $56.5 million, or 21%. 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. In our Wholesale segment, our product margin increased primarily due to more favorable market conditions in gasoline, partially offset by less favorable market conditions in residual oil. Our Commercial segment product margin increased primarily due to more favorable market conditions in bunkering.

Current wording

Our gross profit was $296.0 million and $271.4 million for the three months ended September 30, 2026 and 2025, respectively, an increase of $24.6 million, or 9%. In our Wholesale segment, our product margin increased primarily due to more favorable market conditions in gasoline and distillates. In our GDSO segment, our gasoline distribution product margin decreased due in part to a decrease in volume sold, and our station operations product margin decreased due to a decline in sundries. Our Commercial segment product margin slightly increased due in part to more favorable market conditions in bunkering.

Previous 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.

Current wording

Our gross profit was $957.1 million and $799.0 million for the nine months ended September 30, 2026 and 2025, respectively, an increase of $158.1 million, or 20%. In our Wholesale segment, our product margin increased primarily due to more favorable market conditions in gasoline, distillates and residual oil. In our GDSO segment, our gasoline distribution product margin increased due in part to higher fuel margins (cents per gallon), and our station operations product margin increased due to an increase in sundries. Our Commercial segment product margin increased due in part to more favorable market conditions in bunkering.

Previous 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.

Current wording

Gasoline and Gasoline Blendstocks. Sales from wholesale gasoline and gasoline blendstocks were $3.2 billion and $2.1 billion for the three months ended September 30, 2026 and 2025, respectively, an increase of $1.1 billion, or 52%, primarily due to increases in prices and volume sold. Our gasoline and gasoline blendstocks product margin was $75.8 million and $61.5 million for the three months ended September 30, 2026 and 2025, respectively, an increase of $14.3 million, or 23%, primarily due to more favorable market conditions in gasoline.

Previous wording

Sales from wholesale gasoline and gasoline blendstocks were $5.2 billion and $3.8 billion for the six months ended June 30, 2026 and 2025, respectively, an increase of $1.4 billion, or 36%, primarily due to increases in prices and volume sold. Our gasoline and gasoline blendstocks product margin was $179.6 million and $116.0 million for the six months ended June 30, 2026 and 2025, respectively, an increase of $63.6 million, or 55%, primarily due to more favorable market conditions in gasoline.

Current wording

Sales from wholesale gasoline and gasoline blendstocks were $8.4 billion and $5.9 billion for the nine months ended September 30, 2026 and 2025, respectively, an increase of $2.5 billion, or 42%, primarily due to increases in prices and volume sold. Our gasoline and gasoline blendstocks product margin was $255.3 million and $177.4 million for the nine months ended September 30, 2026 and 2025, respectively, an increase of $77.9 million, or 44%, primarily due to more favorable market conditions in gasoline.

Previous 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

Current wording

Distillates and Other Oils. Sales from distillates and other oils (primarily residual oil and crude oil) were $1.5 billion and $1.0 billion for the three months ended September 30, 2026 and 2025, respectively, an increase of $0.5 billion, or 50%, primarily due to an increase in prices, partially offset by a decrease in volume sold. Our product margin from distillates and other oils was $35.6 million and $16.5 million for the three months ended September 30,

Previous 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.

Current wording

Gasoline Distribution. Sales from gasoline distribution were $1.4 billion and $1.1 billion for the three months ended September 30, 2026 and 2025, respectively, an increase of $0.3 billion, or 27%, primarily due to an increase in prices, partially offset by a decrease in volume sold. Our product margin from gasoline distribution was $136.8 million and $144.8 million for the three months ended September 30, 2026 and 2025, respectively, a decrease of $8.0 million, or 6%, due in part to the decrease in volume sold.

Previous wording

Sales from gasoline distribution were $2.4 billion and $2.1 billion for the six months ended June 30, 2026 and 2025, respectively, increasing $310.6 million, or 15%, primarily due to an increase in prices, partially offset by a decrease in volume sold. Our product margin from gasoline distribution was $311.7 million and $263.7 million for the six months ended June 30, 2026 and 2025, respectively, an increase of $48.0 million, or 18%, primarily due to higher fuel margins (cents per gallon) compared to the same period in 2025.

Current wording

Sales from gasoline distribution were $3.8 billion and $3.2 billion for the nine months ended September 30, 2026 and 2025, respectively, an increase of $0.6 billion, or 19%, primarily due to an increase in prices, partially offset by a decrease in volume sold. Our product margin from gasoline distribution was $448.5 million and $408.4 million for the nine months ended September 30, 2026 and 2025, respectively, an increase of $40.1 million, or 10%, due in part 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 $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.

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 $150.7 million and $151.9 million for the three months ended September 30, 2026 and 2025, respectively, a decrease of $1.2 million, or 1%. Our product margin from station operations was $73.8 million and $74.1 million for the three months ended September 30, 2026 and 2025, respectively, a decrease of $0.3 million. The decreases in sales and product margin are due in part to a decrease in sundries.

Previous wording

Sales from our station operations were $264.2 million and $262.7 million for the six months ended June 30, 2026 and 2025, respectively, an increase of $1.5 million. Our product margin from station operations was $132.8 million and $132.1 million for the six months ended June 30, 2026 and 2025, respectively, an increase of $0.7 million. The increases in sales and product margin are due in part to an increase in sundries.

Current wording

Sales from our station operations were $414.9 million and $414.6 million for the nine months ended September 30, 2026 and 2025, respectively, an increase of $0.3 million. Our product margin from station operations was $206.7 million and $206.2 million for the nine months ended September 30, 2026 and 2025, respectively, an increase of $0.5 million. The increases in sales and product margin are due in part to an increase in sundries.

Previous wording

Our commercial sales were $370.2 million and $275.8 million for the three months ended June 30, 2026 and 2025, respectively, an increase of $94.4 million or 34%, primarily due to an increase in prices, partially offset by a decrease in volume sold. Our commercial product margin was $10.5 million and $6.1 million for the three months ended June 30, 2026 and 2025, respectively, an increase of $4.4 million, or 72%, primarily due to more favorable market conditions in bunkering.

Current wording

Our commercial sales were $355.8 million and $297.8 million for the three months ended September 30, 2026 and 2025, respectively, an increase of $58.0 million, or 19%, primarily due to an increase in prices, partially offset by a decrease in volume sold. Our commercial product margin was $7.1 million and $7.0 million for the three months ended September 30, 2026 and 2025, respectively, an increase of $0.1 million, or 1%, due in part to more favorable market conditions in bunkering.

Previous 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.

Current wording

in accrued discretionary incentive compensation and $1.2 million in various other SG&A expenses, offset by a decrease of $1.1 million in maintenance and repair expenses.

Previous wording

SG&A expenses were $182.4 million and $148.5 million for the six months ended June 30, 2026 and 2025, respectively, an increase of $33.9 million, or 23%, including increases of $27.9 million in accrued discretionary incentive compensation, $6.8 million in wages and benefits, $1.4 million in dues and subscriptions and $2.3 million in various other SG&A expenses, offset by a decrease of $4.5 million in professional fees.

Current wording

SG&A expenses were $261.7 million and $224.8 million for the nine months ended September 30, 2026 and 2025, respectively, an increase of $36.9 million, or 16%, including increases of $29.0 million in accrued discretionary incentive compensation, $8.7 million in wages and benefits, $1.7 million in dues and subscriptions, $1.4 million in rent and lease expense and $2.0 million in various other SG&A expenses. The increase in SG&A expenses was offset by decreases of $4.6 million in professional fees and $1.3 million in maintenance and repair expenses.

Previous wording

Operating expenses were $266.1 million and $262.4 million for the six months ended June 30, 2026 and 2025, respectively, an increase of $3.7 million, or 1%, including an increase of $4.0 million in operating expenses related to our GDSO operations, offset by a decrease of $0.3 million in operating expenses associated with our terminals.

Current wording

Operating expenses were $131.1 million and $132.5 million for the three months ended September 30, 2026 and 2025, respectively, a decrease of $1.4 million, or 1%, consisting of a decrease of $2.8 million in operating expenses associated with our terminals, largely in maintenance and repair expenses, and an increase of $1.4 million in expenses related to our GDSO operations, in part due to an increase in credit card fees.

Previous 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.

Current wording

Operating expenses were $397.2 million and $394.9 million for the nine months ended September 30, 2026 and 2025, respectively, an increase of $2.3 million, or 1%, including an increase of $5.4 million in operating expenses related to our GDSO operations, offset by a decrease of $3.1 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 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.

Current wording

Amortization expense related to intangible assets was $1.3 million for each of the three months ended September 30, 2026 and 2025, and $3.8 million and $4.1 million for the nine months ended September 30, 2026 and 2025, respectively.

Previous 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.

Current wording

Net (loss) gain on sale and disposition of assets was ($0.5 million) and $0.1 million for the three months ended September 30, 2026 and 2025, respectively, and $2.4 million for each of the nine months ended September 30, 2026 and 2025, primarily due to the sale of GDSO sites.

Previous wording

No impairment charges were recognized for the three and six months ended June 30, 2026. 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.

Current wording

No impairment charges were recognized for the three and nine months ended September 30, 2026. 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.

Previous 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.

Current wording

Income from equity method investments was $0.9 million and $0.7 million for the three months ended September 30, 2026 and 2025, respectively, and $3.6 million and $3.1 million for the nine months ended September 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 $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.

Current wording

Interest expense was $100.0 million and $103.9 million for the nine months ended September 30, 2026 and 2025, respectively, a decrease of $3.9 million, or 4%, primarily due to lower average balances on our credit facilities.

Previous wording

As a result of the 2025 redemption of a portion of our 7.00% senior notes due 2027, 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

Current wording

As a result of the 2025 redemption of our 7.00% senior notes due 2027, 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.

Previous 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.

Current wording

Income tax (expense) benefit was ($0.8 million) and $0.4 million for the three months ended September 30, 2026 and 2025, respectively, and ($6.9 million) and ($0.7 million) for the nine months ended September 30, 2026 and 2025, respectively, which predominantly reflects the income tax (expense) benefit from the operating results of GMG, which is a taxable entity for federal and state income tax purposes.

Previous 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.

Current wording

Working capital was $129.5 million and $151.3 million at September 30, 2026 and December 31, 2025, respectively, a decrease of $21.8 million. Changes in current assets and current liabilities decreasing our working capital include, in part, an increase of $350.3 million in accounts payable, offset by increases of $317.5 million and $60.5 million in accounts receivable and inventories, respectively, due in part to an increase in prices.

Previous 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.

Current wording

In addition, on October 29, 2026, the board of directors of our general partner declared a quarterly cash distribution of $0.7850 per unit ($3.14 per unit on an annualized basis) on our common units for the period from July 1, 2026 through September 30, 2026 to our common unitholders of record as of the close of business on November 9, 2026. We expect to pay the total cash distribution of $32.5 million on November 13, 2026.

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 $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.

Current wording

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 $45.1 million and $31.4 million in maintenance capital expenditures for the nine months ended September 30, 2026 and 2025, respectively, which are included in capital expenditures in the accompanying consolidated statements of cash flows, of which $27.4 million and $24.1 million for the nine months ended September 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

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 agreement or by issuing debt securities or additional equity. We had $63.6 million and $21.2 million in expansion capital expenditures, excluding acquired property and equipment, for the nine months ended September 30, 2026 and 2025, respectively, primarily related to investments in our gasoline station and terminal businesses.

Previous wording

We expect maintenance capital expenditures of approximately $60.0 million to $70.0 million and expansion capital expenditures, excluding acquisitions, of approximately $75.0 million to $85.0 million in 2026, 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 expect maintenance capital expenditures of approximately $65.0 million to $75.0 million and expansion capital expenditures, excluding acquisitions, of approximately $75.0 million to $85.0 million in 2026, 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 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.

Current wording

Net cash provided by operating activities was $384.5 million and $183.7 million for the nine months ended September 30, 2026 and 2025, respectively, for a period-over-period increase in cash flow from operating activities of $200.8 million.

Previous 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.

Current wording

For the nine months ended September 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 by carrying lower levels of inventory during the period.

Previous 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.

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

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.

Current wording

Net cash used in investing activities was $97.0 million for the nine months ended September 30, 2026 and included $108.7 million in capital expenditures and $10.8 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, 2026 was offset by $9.4 million in dividends received of equity method investments, $7.2 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, and $5.9 million in proceeds from the sale of property and equipment.