GLOBAL PARTNERS LP

Previous wording

We expressly disclaim any obligation or undertaking to update these statements to reflect any change in our expectations or beliefs or any change in events, conditions or circumstances on which any forward-looking statement is based, other than as required by federal and state securities laws. All forward-looking statements included in this Quarterly Report on Form 10-Q and all subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements.

Current wording

based, other than as required by federal and state securities laws. All forward-looking statements included in this Quarterly Report on Form 10-Q and all subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements.

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, 2025, we had a portfolio of 1,561 owned, leased and/or supplied gasoline stations, including 296 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 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.

Previous wording

Collectively, we sold approximately $4.5 billion of refined petroleum products, gasoline blendstocks, renewable fuels and crude oil for the three months ended March 31, 2025. In addition, we had other revenues of approximately $0.1 billion for the three months ended March 31, 2025 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 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.

Previous wording

Investment in Real Estate—On January 23, 2025, we, through our wholly owned subsidiary, Global HQ 2 LLC, invested in BIG GRP 275 Grove JVLLC, a joint venture formed with unrelated third parties to acquire and operate an office building located in Newton, Massachusetts. Also on January 23, 2025, we signed a 12-year lease arrangement for space in this property that will serve as our principal executive office at the termination of our existing leased space in Waltham, Massachusetts in 2026. See Note 10 of Notes to Consolidated Financial Statements for additional information

Current wording

office building located in Newton, Massachusetts. Also on January 23, 2025, we signed a 12-year lease arrangement for space in this property that will serve as our principal executive office at the termination of our existing leased space in Waltham, Massachusetts in 2026. See Note 10 of Notes to Consolidated Financial Statements for additional information

Previous wording

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.

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

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

Previous wording

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

Adjusted distributable cash flow is a non-GAAP financial measure intended to provide management and investors with an enhanced perspective of our financial performance. Adjusted distributable cash flow is distributable cash flow (as defined in our partnership agreement) further adjusted for our proportionate share of distributable cash flow related to our joint ventures accounted for using the equity method. Adjusted distributable cash flow is not used in our partnership agreement to determine our ability to make cash distributions and may be higher or lower than distributable cash flow as calculated under our partnership agreement.

Current wording

Adjusted distributable cash flow is a non-GAAP financial measure intended to provide management and investors with an enhanced perspective of our financial performance. Adjusted distributable cash flow is distributable cash flow (as defined in our partnership agreement) further adjusted for our proportionate share of distributable cash flow related to our joint venture, SPR, which is accounted for using the equity method. Adjusted distributable cash flow is not used in our partnership agreement to determine our ability to make cash distributions and may be higher or lower than distributable cash flow as calculated under our partnership agreement.

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

(consisting of increases of 367 million gallons and 4 million gallons in our Wholesale and Commercial segments, respectively, offset by a decrease of 7 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 $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”).

Previous wording

Our total sales were $4.6 billion and $4.1 billion for the three months ended March 31, 2025 and 2024, respectively, increasing $446.8 million, or 11%, 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 1.6 billion gallons for the three months ended March 31, 2025 and 2024, respectively, increasing 364 million gallons from the prior-year period

Current 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.

Previous wording

Our gross profit was $255.2 million and $215.1 million for the three months ended March 31, 2025 and 2024, respectively, an increase of $40.1 million, or 19%. Our Wholesale segment product margins increased primarily due to more favorable market conditions in gasoline and distillates and to the addition of the Acquired Terminals. In our GDSO segment, our gasoline distribution product margin increased primarily due to higher 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 a decrease in sundries. In our Commercial segment, our product margin increased in part due to more favorable market conditions. The increase in gross profit was partially offset by a $4.4 million increase in depreciation allocated to cost of sales.

Current 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.

Previous wording

Gasoline and Gasoline Blendstocks. Sales from wholesale gasoline and gasoline blendstocks were $1.7 billion and $1.4 billion for the three months ended March 31, 2025 and 2024, respectively, increasing $347.8 million, or 25%, primarily due to an increase in volume sold, partially offset by a decrease in prices. Our gasoline and gasoline blendstocks product margin was $57.1 million and $29.7 million for the three months ended March 31, 2025 and 2024, respectively, an increase of $27.4 million, or 92%, primarily due to more favorable market conditions, largely in gasoline but also in gasoline blendstocks. Our product margin also 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 $1.7 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.

Previous wording

Distillates and Other Oils. Sales from distillates and other oils (primarily residual oil and crude oil) were $1.5 billion and $1.3 billion for the three months ended March 31, 2025 and 2024, respectively, increasing $203.3 million, or 16%, primarily due to an increase in volume sold, partially offset by a decrease in prices. Our product margin from distillates and other oils was $36.5 million and $19.7 million for the three months ended March 31, 2025 and 2024, respectively, an increase of $16.8 million, or 85%, primarily due to more favorable market conditions in distillates and, to a lesser extent, improved margins in residual oil.

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 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.

Previous wording

Gasoline Distribution. Sales from gasoline distribution were $1.0 billion and $1.1 billion for the three months ended March 31, 2025 and 2024, respectively, decreasing $91.9 million, or 8%, primarily due to decreases in prices and in volume sold. Our product margin from gasoline distribution was $125.8 million and $121.6 million for the three months ended March 31, 2025 and 2024, respectively, an increase of $4.2 million, or 3%, primarily due to higher fuel margins (cents per gallon).

Current 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.

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 $121.4 million and $130.2 million for the three months ended March 31, 2025 and 2024, respectively, a decrease of $8.8 million, or 7%. Our product margin from station operations was $62.1 million and $66.1 million for the three months ended March 31, 2025 and 2024, respectively, a decrease of $4.0 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

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.

Previous wording

in volume sold. Our commercial product margin was $7.1 million and $7.0 million for the three months ended March 31, 2025 and 2024, respectively, an increase of $0.1 million, or 2%, in part due to more favorable market conditions.

Current wording

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 wording

Our commercial sales were $275.1 million and $278.6 million for the three months ended March 31, 2025 and 2024, respectively, a decrease of $3.5 million or 1%, primarily due to a decrease in prices, partially offset by an increase

Current 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.

Previous wording

SG&A expenses were $73.7 million and $69.8 million for the three months ended March 31, 2025 and 2024, respectively, an increase of $3.9 million, or 6%, including increases of $3.0 million in long-term accrued discretionary incentive compensation, $2.9 million in wages and benefits and $3.4 million in various other SG&A expenses. The increase in SG&A expenses was offset by decreases of $2.8 million in acquisition costs and $2.6 million in expenses associated with the sale of the Revere Terminal (see Note 11 of Notes to Consolidated Financial Statements).

Current 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.

Previous wording

Operating expenses were $126.7 million and $120.1 million for the three months ended March 31, 2025 and 2024, respectively, an increase of $6.6 million, or 5%, including an increase of $7.8 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 $1.2 million in operating expenses related to our GDSO operations.

Current 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.

Previous wording

Amortization expense related to intangible assets was $1.4 million and $1.9 million for the three months ended March 31, 2025 and 2024, respectively.

Current 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.

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 $2.5 million for each of the three months ended March 31, 2025 and 2024, primarily due to the sale of GDSO sites.

Current 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.

Previous wording

Income (loss) from equity method investments was $0.1 million and ($1.4 million) and for the three months ended March 31, 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 $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.

Previous wording

Interest expense was $36.0 million and $29.7 million for the three months ended March 31, 2025 and 2024, respectively, an increase of $6.3 million, or 21%, primarily due to higher average balances on our credit facilities.

Current 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.

Previous wording

Income tax expense was $1.2 million and $0.4 million for the three months ended March 31, 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 $0.1 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.

Previous wording

Our primary liquidity needs are to fund our working capital requirements, capital expenditures and distributions and to service our indebtedness. Our primary sources of liquidity are cash generated from operations, amounts available

Current wording

Our primary liquidity needs are to fund our working capital requirements, capital expenditures and distributions and to service our indebtedness. Our primary sources of liquidity are cash generated from operations, amounts available under our working capital revolving credit facility and equity and debt offerings. Please read “—Credit Agreement” for more information on our working capital revolving credit facility.

Previous wording

Working capital was $176.5 million and $207.2 million at March 31, 2025 and December 31, 2024, respectively, a decrease of $30.7 million. Changes in current assets and current liabilities decreasing our working capital primarily include, in part, an increase of $125.2 million in the current portion of our working capital revolving credit facility, an increase of $10.4 million in accounts payable and a decrease of $76.6 million in inventories due to carrying lower levels of inventory during the period. The decrease in working capital was offset by an increase of $104.9 million in accounts receivable and a decrease of $77.7 million in accounts payable due in part to timing of sales and payments.

Current 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.

Previous wording

In addition, on April 25, 2025, the board of directors of our general partner declared a quarterly cash distribution of $0.7450 per unit ($2.98 per unit on an annualized basis) on our common units for the period from January 1, 2025 through March 31, 2025 to our common unitholders of record as of the close of business on May 9, 2025. We expect to pay the total cash distribution of approximately $29.8 million on May 15, 2025.

Current 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.

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 $9.6 million and $11.7 million in maintenance capital expenditures for the three months ended March 31, 2025 and 2024, respectively, which are included in capital expenditures in the accompanying consolidated statements of cash flows, of which approximately $7.9 million and $9.5 million for the three months ended March 31, 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 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.

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 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.

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 $75.0 million to $85.0 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 $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.

Previous wording

Net cash used in operating activities was $51.6 million and $182.7 million for the three months ended March 31, 2025 and 2024, respectively, for a period-over-period decrease in cash flow from operating activities of $131.1 million.

Current 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.

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 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.

Previous wording

For the three months ended March 31, 2024, the increase in accounts receivable is in part due to an increase in prices and to timing of sales. The increase in inventories is also due to an increase in prices during the period. The decrease in accounts payable is in part due to timing of payments, partially offset by an increase in prices.

Current 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.

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 $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

Net cash used in investing activities was $1.5 million for the three months ended March 31, 2024 and included $16.6 million in capital expenditures, $9.6 million in expenditures associated with our equity method investments (see Note 10 of Notes to Consolidated Financial Statements) and $3.5 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. Net cash used in investing activities for the three months ended March 31, 2024 was offset by $14.3 million in dividends received of equity method investments and $13.9 million in proceeds from the sale of property and equipment.

Current 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

Previous wording

Please read “—Capital Expenditures” for a discussion of our capital expenditures for the three months ended March 31, 2025 and 2024.

Current wording

Please read “—Capital Expenditures” for a discussion of our capital expenditures for the six months ended June 30, 2025 and 2024.

Previous wording

Net cash provided by financing activities was $79.4 million for the three months ended March 31, 2025 and included $125.2 million in net borrowings from our working capital revolving credit facility. Net cash provided by 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 $112.4 million for the six months ended June 30, 2025 and included $360.3 million in repayments in connection with the redemption of the 2027 Notes, $109.8 million in net payments on our facilities under our credit agreement, $62.6 million in cash distributions to our limited partners (preferred and common unitholders) and our general partner, $13.4 million in LTIP units withheld for tax obligations, $4.0 million paid pursuant to distribution equivalent rights previously granted under our LTIP and $3.6 million in the repurchase of common units pursuant to our repurchase program for future satisfaction of our LTIP obligations. Net cash used in financing activities was offset by $441.3 million in proceeds in connection with the issuance of the 2033 Notes.

Previous wording

Net cash provided by financing activities was $237.4 million for the three months ended March 31, 2024 and included $441.3 million in proceeds in connection with the issuance of our senior notes due 2032 and $209.2 million in net borrowings from our working capital revolving credit facility. Net cash provided by financing activities for the three months ended March 31, 2024 was offset by $380.0 million in net payments on our revolving credit facility, $30.7 million in cash distributions to our limited partners (preferred and common unitholders) and our general partner, $1.8 million in LTIP units withheld for tax obligations and $0.6 million paid pursuant to distribution equivalent rights previously granted under our LTIP.

Current wording

Net cash provided by financing activities was $385.0 million for the six months ended June 30, 2024 and included $441.3 million in proceeds in connection with the issuance of our senior notes due 2032 and $264.4 million in net borrowings from our working capital revolving credit facility. Net cash provided by financing activities was offset by $180.0 million in net payments on our revolving credit facility, $69.0 million in cash paid in connection with the redemption of the Series A Preferred Units (see Note 12 of Notes to Consolidated Financial Statements), $61.4 million in cash distributions to our limited partners (preferred and common unitholders) and our general partner, $7.9 million in the repurchase of common units pursuant to our repurchase program for future satisfaction of our LTIP obligations, $1.8 million in LTIP units withheld for tax obligations and $0.6 million paid pursuant to distribution equivalent rights previously granted under our LTIP.