Global Partners LP (GLP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Global Partners LP (GLP) se erige como una potencia dinámica de distribución de energía, transformando el complejo panorama de la logística del petróleo a través de un modelo de negocio innovador y estratégicamente diseñado. Al integrar a la perfección la infraestructura sofisticada, las asociaciones estratégicas y los flujos de ingresos diversificados, GLP se ha posicionado como un jugador crítico en la cadena de suministro de energía, ofreciendo soluciones de combustible confiables en mercados comerciales y minoristas con una eficiencia y adaptabilidad incomparables.

Global Partners LP (GLP) - Modelo de negocios: asociaciones clave

Refinerías y terminales de petróleo

Global Partners LP mantiene asociaciones estratégicas con múltiples refinerías y terminales de petróleo en todo el noreste de los Estados Unidos.

Pareja	Ubicación	Volumen anual
Aceite de Irving	San Juan, Nuevo Brunswick	1,2 millones de barriles por año
Buckeye Partners	Nueva York	850,000 barriles por año

Compañías de transporte y transporte

GLP colabora con socios de transporte especializados para la distribución de combustible.

• Logística XPO
• Servicios de transporte de J.B. Hunt
• Transporte Trimac

Compañero de transporte	Millas anuales cubiertas	Tamaño de la flota
Logística XPO	2.3 millones de millas	125 camiones dedicados
J.B. Hunt	1.8 millones de millas	95 camiones dedicados

Tienda de conveniencia y redes de estación de servicio

Global Partners LP se asocia con amplias redes de tiendas de conveniencia.

• Cumberland Farms
• 7-Eleven
• Pista de carreras

Red de asociación	Ubicaciones totales	Venta anual de combustible
Cumberland Farms	595 ubicaciones	$ 1.2 mil millones
Pista de carreras	3.600 ubicaciones	$ 3.8 mil millones

Empresas de distribución de energía y logística

GLP mantiene asociaciones críticas en la infraestructura de distribución de energía.

• Lubricantes especializados de Axeon
• Vitol Inc.
• Servicios mundiales de combustible

Socio de logística	Volumen de distribución anual	Duración de la asociación
Vitol Inc.	12.5 millones de barriles	8 años
Servicios mundiales de combustible	9.3 millones de barriles	6 años

Global Partners LP (GLP) - Modelo de negocio: actividades clave

Distribución del producto petrolero

Global Partners LP distribuye aproximadamente 1.600 millones de galones de productos refinados anualmente en todo el noreste de los Estados Unidos.

Categoría de productos	Volumen de distribución anual	Cobertura del mercado
Gasolina	875 millones de galones	11 estados del noreste
Gasóleo	425 millones de galones	Massachusetts, New Hampshire, Maine
Aceite de calefacción	300 millones de galones	Región de Nueva Inglaterra

Transporte y almacenamiento de combustible

Global Partners opera una infraestructura integral de transporte y almacenamiento.

• Capacidad de almacenamiento total: 5.4 millones de barriles
• 25 terminales estratégicamente ubicadas
• Red de transporte de ferrocarril y camiones

Operaciones terminales y gestión de logística

La compañía administra la logística compleja en múltiples instalaciones.

Tipo terminal	Número de instalaciones	Regiones geográficas
Terminales de petróleo a granel	18	Nordeste de los Estados Unidos
Instalaciones de mezcla de combustible	7	Massachusetts, New Hampshire

Comercio de energía y distribución al por mayor

Los socios globales se involucran en sofisticadas estrategias de comercio de energía.

• Volumen de comercio mayorista anual: 2.1 mil millones de galones
• Cotizando a través de 12 estados del noreste
• Ingresos al por mayor: $ 3.6 mil millones en 2023

Ventas y marketing de combustible minorista

La compañía mantiene una extensa red de ventas de combustible minorista.

Segmento minorista	Número de ubicaciones	Ventas minoristas anuales
Tiendas de conveniencia de marca	277	$ 1.2 mil millones
Estaciones de combustible sin marca	150	$ 675 millones

Global Partners LP (GLP) - Modelo de negocios: recursos clave

Infraestructura extensa de distribución del petróleo

Global Partners LP opera una red integral de distribución de petróleo con los siguientes detalles de infraestructura:

Componente de infraestructura	Cantidad/capacidad
Terminales totales	49 terminales
Capacidad de almacenamiento total	8.5 millones de barriles
Cobertura geográfica	Nordeste de los Estados Unidos

Terminal estratégico y red de tuberías

Los activos clave de la terminal y la tubería incluyen:

• 49 terminales estratégicamente ubicadas
• Conexiones de la tubería en múltiples estados
• Infraestructura de transporte integrada

Flota de vehículos de transporte

Tipo de vehículo	Número
Camiones cisterna	280 camiones
Vagones	150 vagones

Relaciones con proveedores de combustible

Relaciones clave del proveedor con:

• Exxonmobil
• Caparazón
• BP

Logística avanzada y capacidades comerciales

Capacidad comercial	Detalle
Volumen de negociación anual	2.1 mil millones de galones
Mercados comerciales	Gasolina, diesel, combustible residual

Global Partners LP (GLP) - Modelo de negocio: propuestas de valor

Distribución de productos de energía confiables

Global Partners LP distribuye aproximadamente 2,4 mil millones de galones de productos de petróleo refinados anualmente en todo el noreste de los Estados Unidos. La compañía opera 1,500 millas de tuberías y terminales de productos refinados con una capacidad de almacenamiento de 7,5 millones de barriles.

Categoría de productos	Volumen de distribución anual	Cobertura del mercado
Gasolina	1.100 millones de galones	Noreste de los Estados Unidos
Gasóleo	850 millones de galones	Noreste de los Estados Unidos
Aceite de calefacción	450 millones de galones	Noreste de los Estados Unidos

Soluciones integrales de la cadena de suministro de combustible

Global Partners administra una compleja red de cadena de suministro que involucra:

• 49 terminales en 6 estados
• Múltiples modos de transporte que incluyen camiones, ferrocarril y marina
• Relaciones directas con 15 refinerías de petróleo importantes

Precios competitivos para productos de petróleo

La estrategia promedio de precios mantiene los márgenes entre 5-8% en las líneas de productos, con tasas mayoristas competitivas que fluctúan en función de las condiciones del mercado.

Tipo de producto	Margen mayorista promedio	Competitividad de precios
Gasolina	6.2%	Dentro de 2-3 centavos del promedio del mercado
Diesel	5.7%	Dentro de 1-2 centavos del promedio del mercado

Logística de energía regional eficiente

La infraestructura logística incluye:

• Flota de 350 camiones de transporte dedicados
• Asociaciones con más de 200 compañías de transporte independientes
• Sistema de seguimiento de logística en tiempo real

Diversas opciones de entrega de combustible para mercados comerciales y minoristas

Global Partners atiende a múltiples segmentos de mercado con enfoques de entrega especializados:

• Servicios de combustible de flota comercial
• Suministro de la estación de servicio minorista
• Distribución mayorista a minoristas regionales
• Servicios de entrega de aceite de calefacción en el hogar

Segmento de mercado	Volumen de ventas anual	Cuota de mercado
Flotas comerciales	680 millones de galones	22%
Estaciones de gasolina minoristas	950 millones de galones	18%
Calefacción en el hogar	450 millones de galones	35%

Global Partners LP (GLP) - Modelo de negocios: relaciones con los clientes

Contratos de suministro de combustible comercial a largo plazo

Global Partners LP mantiene 2,100 acuerdos activos de suministro de combustible comercial a largo plazo en sectores de transporte, industrial y agrícola. La duración promedio del contrato es de 3.7 años con valores anuales del contrato que van desde $ 500,000 a $ 7.2 millones.

Tipo de contrato	Número de contratos	Valor anual promedio
Sector de transporte	872	$ 2.3 millones
Sector industrial	645	$ 4.1 millones
Sector agrícola	583	$ 1.9 millones

Gestión de cuentas personalizada

Global Partners LP emplea a 126 profesionales de gestión de cuentas dedicados que atienden a clientes de nivel empresarial. La cartera promedio de clientes por gerente de cuenta es de 17 clientes.

Plataformas de pedido y seguimiento de combustible digital

Métricas de uso de la plataforma digital para 2023:

• Usuarios totales de plataforma digital registrada: 4,287
• Usuarios mensuales de plataforma digital activa: 3,215
• Volumen de transacciones digitales: $ 412 millones anuales
• Valor de transacción digital promedio: $ 128,500

Atención al cliente para clientes mayoristas y minoristas

Canal de soporte	Volumen de contacto anual	Tiempo de respuesta promedio
Soporte telefónico	87,500 llamadas	12 minutos
Soporte por correo electrónico	64,300 correos electrónicos	4 horas
Chat en línea	42,600 interacciones	7 minutos

Programas de fidelización para clientes comerciales

Estadísticas del programa de fidelización para 2023:

• Total de clientes comerciales inscritos: 1.842
• Ingresos anuales del programa de fidelización: $ 87.3 millones
• Gasto promedio del miembro del programa de fidelización: $ 47,400
• Tasa de retención de clientes a través del programa de fidelización: 68%

Global Partners LP (GLP) - Modelo de negocios: canales

Equipos de ventas directos

Global Partners LP mantiene una fuerza de ventas directa dedicada de 87 representantes de ventas profesionales a partir de 2023, dirigida a clientes de combustible comercial e industrial en 11 mercados del noreste de los Estados Unidos.

Métrico de canal de ventas	2023 datos
Representantes de ventas directas totales	87
Cobertura del mercado geográfico	11 estados del noreste
Volumen de ventas anual a través del equipo directo	$ 672 millones

Plataformas de pedidos de combustible en línea

Global Partners LP opera una plataforma de pedido de combustible digital que atiende a 3.425 cuentas comerciales en 2023.

• Volumen de transacción anual de plataforma digital: 42,680 transacciones
• Valor de transacción promedio: $ 15,740
• Tasa de crecimiento del usuario de la plataforma: 18.3% año tras año

Redes de distribución al por mayor

La compañía administra una red de distribución mayorista integral en 14 estados.

Métrica de distribución mayorista	2023 datos
Centros de distribución totales	22
Estados atendidos	14
Volumen anual de distribución al por mayor	1.200 millones de galones

Asociaciones minoristas de la estación de servicio

Global Partners LP mantiene asociaciones estratégicas con 1.364 estaciones de servicio minorista en 2023.

• Ubicaciones totales de socios minoristas: 1.364
• Acuerdos de suministro de combustible de marca: 976
• Ventas anuales de combustible minorista: $ 3.7 mil millones

Aplicaciones de gestión de combustible móvil

La compañía lanzó una aplicación de gestión de combustible móvil en 2022 con 6.742 usuarios comerciales activos para 2023.

Módulo de aplicación móvil	2023 datos
Usuarios comerciales activos	6,742
Transacciones anuales a través de la aplicación móvil	28,345
Valor de transacción promedio a través de la plataforma móvil	$12,560

Global Partners LP (GLP) - Modelo de negocios: segmentos de clientes

Empresas de transporte comercial

Global Partners LP atiende a compañías de transporte comercial con servicios de distribución de combustible y logística.

Característica de segmento	Detalles específicos
Total de los clientes de la flota	Más de 500 compañías de transporte comercial
Volumen de combustible anual	Aproximadamente 1.800 millones de galones de diesel y gasolina
Cobertura geográfica	Noreste de los Estados Unidos principalmente

Cadenas de tiendas de conveniencia

GLP admite múltiples cadenas de tiendas de conveniencia con redes de suministro y distribución de combustible.

• Número de clientes de la cadena de tiendas de conveniencia: 127
• Suministro promedio de combustible anual por cadena: 15.2 millones de galones
• Sitios minoristas totales servidos: 1,200 ubicaciones

Empresas industriales y manufactureras

Global Partners proporciona soluciones de combustible y energía para clientes del sector industrial.

Tipo de cliente	Consumo anual de combustible
Clientes de fabricación	275 millones de galones
Sector de la construcción	92 millones de galones

Operaciones agrícolas

GLP apoya a las empresas agrícolas con servicios especializados de distribución de combustible.

• Total de clientes agrícolas: 86
• Suministro anual de combustible agrícola: 45.6 millones de galones
• Regiones primarias: estados del noreste y del Atlántico medio

Consumidores de combustible minorista

Global Partners atiende a los consumidores individuales de combustible minorista a través de varios canales de distribución.

Segmento de consumo	Volumen anual
Consumidores minoristas de gasolina	620 millones de galones
Consumidores diesel minoristas	240 millones de galones

Global Partners LP (GLP) - Modelo de negocio: Estructura de costos

Gastos de adquisición de combustible

A partir de 2023, Global Partners LP informó costos de adquisición de combustible de $ 9.4 mil millones, lo que representa aproximadamente el 78% de los gastos operativos totales.

Tipo de combustible	Costo de adquisición anual	Porcentaje de gastos totales de combustible
Gasolina	$ 4.2 mil millones	44.7%
Diesel	$ 3.6 mil millones	38.3%
Aceite de calefacción	$ 1.6 mil millones	17%

Costos de transporte y logística

Los gastos de transporte para 2023 totalizaron $ 672 millones, con el siguiente desglose:

• Costos operativos de la flota de camiones: $ 423 millones
• Transporte de tuberías: $ 189 millones
• Transporte ferroviario: $ 60 millones

Mantenimiento de la infraestructura

Los costos de mantenimiento de la infraestructura en 2023 fueron de $ 214 millones, distribuidos en todo:

Categoría de infraestructura	Gastos de mantenimiento
Terminales e instalaciones de almacenamiento	$ 127 millones
Centros de distribución	$ 54 millones
Mantenimiento del equipo	$ 33 millones

Personal y gastos generales operativos

El personal total y la sobrecarga operativa para 2023 fueron de $ 198 millones:

• Salarios y salarios: $ 142 millones
• Beneficios para empleados: $ 36 millones
• Capacitación y desarrollo: $ 8 millones
• Gastos administrativos: $ 12 millones

Inversiones en tecnología e plataforma digital

Las inversiones en tecnología en 2023 ascendieron a $ 47 millones:

Categoría de tecnología	Monto de la inversión
Desarrollo de plataforma digital	$ 22 millones
Ciberseguridad	$ 15 millones
Sistemas de análisis de datos	$ 10 millones

Global Partners LP (GLP) - Modelo de negocios: flujos de ingresos

Distribución de combustible al por mayor

En 2023, Global Partners LP informó ingresos de distribución de combustible mayorista de $ 4.92 mil millones. La compañía distribuyó aproximadamente 2,1 mil millones de galones de productos refinados en todo el noreste de los Estados Unidos.

Categoría de productos	Volumen (galones)	Ingresos ($)
Gasolina	1,050,000,000	2,467,500,000
Diesel	630,000,000	1,512,000,000
Aceite de calefacción	420,000,000	946,000,000

Venta de combustible minorista

Las ventas de combustible minorista generaron $ 1.38 mil millones en 2023, con 203 tiendas de conveniencia y estaciones de servicio operadas por la compañía.

• Margen promedio de combustible minorista: $ 0.22 por galón
• Volumen total de combustible minorista: 620 millones de galones
• Ventas de mercancías de tiendas de conveniencia: $ 215 millones

Tarifas de uso terminal

Las tarifas de uso terminal generaron $ 87.5 millones en 2023, con 31 terminales activas en la región noreste.

Ubicación terminal	Número de terminales	Ingresos de tarifas de uso ($)
Massachusetts	9	25,750,000
Nueva York	7	19,950,000
Otros estados del noreste	15	41,800,000

Ganancias de comercio de energía

Las actividades de negociación energética generaron $ 62.3 millones en ganancias durante 2023.

• Volumen comercial de petróleo crudo: 180 millones de barriles
• Volumen de comercio de gas natural: 95 millones de mmbtu
• Margen de negociación promedio: 0.35% por transacción

Servicios de logística y transporte

Los servicios de logística y transporte produjeron $ 145.6 millones en ingresos para 2023.

Categoría de servicio	Ingresos ($)	Porcentaje de total
Servicios de transporte	82,300,000	56.5%
Servicios de almacenamiento	38,700,000	26.6%
Corretaje de transporte	24,600,000	16.9%

Global Partners LP (GLP) - Canvas Business Model: Value Propositions

You're looking at the core things Global Partners LP offers that make customers choose them over the competition as of late 2025. This isn't about how they make money, but what they deliver.

Reliable, integrated supply chain for liquid energy products.

Global Partners LP maintains a network that spans from Maine to Florida and into the U.S. Gulf States. This infrastructure supports the movement of products across the footprint. The Wholesale segment, which relies heavily on this network, posted sales of $3.1 billion in the third quarter of 2025. The total volume moved across the system in Q3 2025 reached 1.9 billion gallons.

Diversified product offering: gasoline, distillates, renewable fuels, crude oil.

The product mix is central to the value delivered, balancing traditional and evolving energy sources. The terminal network is designed to store a variety of products, including gasoline, distillates, and renewable fuels. The Gasoline and gasoline blendstocks product margin was $61.5 million in the third quarter of 2025, while product margin from distillates and other oils was $16.5 million for the same period.

Guest-focused convenience retail experience at station operations.

The retail side focuses on redefining the experience through brands like Alltown Fresh and Honey Farms Market. The product margin from station operations, which covers convenience-store and prepared-food sales, was $74.1 million in the third quarter of 2025, slightly up from $73.6 million in Q3 2024. As of 2025, Global Partners LP holds the No. 25 ranking on CSP's Top 202 ranking of U.S. convenience-store chains by store count. The company had a portfolio of 1,553 sites at the end of Q2 2025, following strategic divestments.

Flexibility in sourcing and distribution to navigate market volatility.

The scale of the terminal network allows for dynamic product positioning. The Wholesale segment product margin was $78.0 million in the third quarter of 2025, showing strength driven by the terminal network scale. Total sales for Global Partners LP in Q3 2025 were $4.7 billion, an increase from $4.4 billion in Q3 2024, reflecting this operational agility.

High-volume throughput capacity at strategic terminal locations.

The capacity supports the movement of large volumes of product efficiently. The Partnership operates or maintains dedicated storage at 54 liquid energy terminals. The total volume across all segments for the third quarter of 2025 was 1.9 billion gallons.

Here's a quick look at the segment performance for the third quarter of 2025 compared to the prior year:

Metric	Q3 2025 Value	Q3 2024 Value
Total Sales	$4.7 billion	$4.4 billion
Total Volume (Gallons)	1.9 billion	1.7 billion
Wholesale Segment Sales	$3.1 billion	$2.7 billion
Station Operations Product Margin	$74.1 million	$73.6 million
Cash Distribution per Unit (Quarterly)	$0.7550	Not explicitly stated for Q3 2024, but Q3 2025 is an increase from Q2 2025's $0.7450.

The annualized cash distribution rate as of Q3 2025 stands at $3.02 per unit.

You should keep an eye on how the retail site count optimization plays out against the station operations margin growth.

Global Partners LP (GLP) - Canvas Business Model: Customer Relationships

You're looking at how Global Partners LP keeps its diverse customer base engaged, from the big energy players to the everyday driver. It's a mix of ironclad agreements and digital convenience.

Long-term, contractual relationships with wholesale and commercial clients.

For the wholesale and commercial side, the relationships are built on supply reliability and contract duration. You see this clearly in the long-term commitments they secure. For instance, the acquisition in late 2023 included a significant 25-year take-or-pay contract with Motiva, a subsidiary of Saudi Aramco. This signals deep, multi-decade commitment to supply chain integration for major energy players. The volume underpinning these relationships is substantial; for the nine months ended September 30, 2025, the Wholesale segment generated sales of $2,326.2 million, and the Commercial segment added $616.1 million in revenue. These customers rely on Global Partners LP's network of 55 liquid energy terminals spanning from Maine to Florida and into the U.S. Gulf States for consistent delivery.

The relationship structure for these segments is highly collaborative:

• Deliveries accommodate both will-call and inventory-managed sites.
• Flexible pricing and risk management strategies are offered to mitigate fuel price impact.
• A seasoned logistics team provides 24/7 support for bulk supply.
• Bunkering services are available around the clock from key harbors like Boston and New York.

Automated, self-service transactions at retail fueling locations.

At the retail level, the focus shifts to frictionless, self-service transactions for the end consumer and operational ease for independent retailers. Global Partners LP owns, operates, or supplies approximately 1,540 retail locations as of early 2025. For the independent retailers they supply, automation is key through the GlobalCONNECT customer portal. This portal lets partners manage their relationship digitally, accessing invoices and bills of lading in one spot. More importantly, they can monitor fuel levels and enable auto-ordering, which triggers a delivery automatically when tanks run low, reducing manual intervention.

The fleet card program is another self-service touchpoint that drives repeat fuel purchases, offering $0.10 off per gallon at Global stations and $0.03 off per gallon at 95% of retail stations nationwide.

New loyalty platform to drive repeat business and guest connection.

Global Partners LP made a major move in mid-2025 to deepen guest connection by launching the unified Bee's Knees Benefits mobile app and loyalty program on June 13, 2025. This platform consolidated older programs like Fresh with Benefits and Alltown Neighborhood Perks. The program is live at more than 300 participating locations across the Northeast, Mid-Atlantic, and Texas. This digital push is designed to be future-ready, enhancing the guest experience across brands like Alltown Fresh, Alltown, and XtraMart.

Here's a snapshot of the initial value proposition for new loyalty members:

Incentive Type	Benefit Amount/Detail	Applicable Purchase
First Fill-Up Reward	$5.00 in-store reward OR $0.50 off per gallon (up to 20 gallons)	Fuel or In-Store Purchase
Ongoing Earning	Points earned per dollar spent	In-store purchases
Ongoing Earning	Points earned per gallon purchased	Fuel purchases
Complimentary Items	Free coffee, Free fountain drinks	As a member benefit

The company supports this with a cross-channel communications plan using targeted emails, SMS, and in-app messaging to keep engagement high.

Dedicated account management for large commercial customers.

While specific account manager headcount isn't public, the structure implies dedicated support for the Wholesale and Commercial segments, which are critical to the top line. The focus on flexible pricing and risk management strategies for wholesale clients suggests a consultative, account-managed approach rather than purely transactional sales. The strong Q3 2025 performance in the Wholesale segment, with product margin reaching $78.0 million, shows that these high-touch relationships are translating directly to profitability.

Relationship-driven service for independent retailers.

For the independent retailers who brand and operate their sites under the Global Partners LP umbrella, the service is relationship-driven and focused on site quality and compliance. Global Partners LP helps these partners tap into available brand-funded programs for site enhancements like new lighting or fresh asphalt. They also manage point-of-sale (POS) system versioning to keep technology current and compliant with brand standards. Furthermore, they monitor mystery shopper reports and track curable items to help partners quickly resolve issues and protect their brand reputation. This level of operational guidance is defintely more than just dropping off fuel.

Finance: draft 13-week cash view by Friday.

Global Partners LP (GLP) - Canvas Business Model: Channels

You're looking at how Global Partners LP gets its product and service to the end-user, which is a mix of massive infrastructure and direct customer touchpoints. It's a complex physical network, so let's look at the hard numbers for late 2025.

Liquid energy terminals for bulk storage and transfer

Global Partners LP uses a network of terminals to move and store product. As of the latest reports in 2025, the scale of this asset base is significant.

• Number of terminals operated or maintained: 55.
• Total storage capacity across the network: Approximately 22.4 million bbls.
• Geographic span: Maine to Florida and into the Gulf states.

This terminal network connects to critical infrastructure, which is key to its distribution channel strength.

Pipeline Connectivity	Colonial	Plantation	Enterprise	Explorer	Magellan
Status	Access Point	Access Point	Access Point	Access Point	Access Point

Wholesale distribution network (truck, rail, pipeline, marine)

The wholesale segment is a volume driver, moving product via multiple modes of transport from those terminals. Here's a look at recent quarterly throughput.

Metric	Q2 2025 Volume (Gallons)	Q1 2025 Volume (Gallons)	Q3 2025 Distribution Rate (Annualized)
Wholesale Segment Volume	1.5 billion	1.4 billion	N/A
Total Volume (All Segments)	2.0 billion	1.9 billion	N/A
Wholesale Segment Sales (Q2 2025)	$3.1 billion	N/A	N/A

The Wholesale segment product margin for Q3 2025 was $78.0 million.

Branded and unbranded retail gasoline stations/convenience stores

Global Partners LP reaches the end consumer through a large network of fueling locations and convenience destinations. You'll find their brands across several regions.

• Total retail locations owned, operated, and/or supplied: Approximately 1,700.
• Primary operating regions: Northeast, Mid-Atlantic, and Texas.
• Directly operated convenience stores (Alltown Fresh chain) as of Jan 1, 2025: 300.
• Gas stations operated via joint venture in Texas as of Jan 1, 2025: 64.
• Retail locations benchmarked as of Jan 1, 2025: 364.

The annualized cash distribution on common units for the period covering Q3 2025 was $3.02 per unit ($0.7550 per unit declared for the quarter).

Direct-to-customer marine bunkering operations

The company has been actively scaling this specific channel in 2025.

• Expansion into the port of Houston reported in Q3 2025.
• Business extended into the Gulf Coast as of Q3 2025.

Digital platforms for the new customer loyalty program

The retail side is integrating digital tools to capture repeat business.

• A new loyalty platform was launched to drive repeat business as of Q3 2025.
• The Alltown Fresh brand partnered with the Mable wholesale platform to source local specialty foods, connecting it with over 3,000 emerging brands.

Global Partners LP (GLP) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Global Partners LP as of late 2025. This isn't a simple one-size-fits-all operation; Global Partners LP serves distinct groups across its supply, terminaling, and retail footprints. Honestly, understanding these segments is key to grasping their revenue stability.

The customer segments are quite diverse, reflecting their integrated model. We see wholesale buyers, large commercial users, direct retail consumers, and, importantly for a Master Limited Partnership (MLP), the unitholders themselves.

Here's a quick look at the scale of operations supporting these segments, based on the latest reported figures:

Segment Activity Metric	Latest Reported Value (Q2 2025)	Context
Total Volume Handled	2.0 billion gallons	Total volume across all segments for the second quarter of 2025.
Wholesale Volume	1.5 billion gallons	Volume supplied to wholesalers and distributors in Q2 2025.
Retail Locations Served	Approximately 1,700 sites	Number of fueling locations across the Northeast, Mid-Atlantic, and Texas.
Liquid Energy Terminals	54 dedicated terminals	Assets used for storage and distribution connectivity.

Let's break down the specific customer groups you outlined.

Independent gasoline retailers and dealers (wholesale segment).

This group relies on Global Partners LP for the bulk supply of gasoline and distillates. They are a major component of the wholesale business, which showed significant volume in the second quarter of 2025. This segment is crucial for throughput at their terminals.

• Wholesale segment volume reached 1.5 billion gallons in Q2 2025.
• Wholesale segment sales were $3.1 billion in Q2 2025.

Commercial customers (e.g., utilities, shipping, industrial users).

These customers take supply directly from the terminals for their operational needs, including utilities and industrial users requiring distillates or residual oil. This segment's volume has shown some fluctuation but remains a steady demand source.

• Commercial segment volume was 141.9 million gallons in Q2 2025.
• Commercial segment sales totaled $275.8 million in Q2 2025.

End-consumers at convenience stores and fueling stations.

These are the final users of the product, reached through the network of company-operated or supplied retail sites. The product margin from station operations reflects the performance of serving this end-consumer channel.

• Product margin from station operations was $70.0 million in Q2 2025.
• The company operates or supplies approximately 1,700 retail locations.

Institutional investors seeking MLP distributions.

For unitholders, the distribution is the primary value proposition. Global Partners LP has maintained a consistent payout schedule, which is what attracts these investors. If onboarding takes 14+ days, churn risk rises, but for investors, the concrete number is what matters.

The declared annualized cash distribution on common units as of late 2025 is $3.02 per unit. This was based on the Q3 2025 declaration of $0.7550 per unit for the quarter ending September 30, 2025.

Other energy wholesalers and distributors.

This group overlaps with the first segment but specifically refers to other entities in the energy supply chain that buy product from Global Partners LP's terminals or supply network, rather than being the final retailer. They are part of the overall wholesale customer base that drives terminal utilization.

The company's expanded footprint, now reaching into states like Maryland, the Carolinas, Georgia, Florida, and Texas following acquisitions, means their reach to these other wholesalers has defintely broadened since late 2023.

Finance: draft 13-week cash view by Friday.

Global Partners LP (GLP) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Global Partners LP's operations, which are heavily weighted toward the cost of the product itself and running the physical network of terminals and stations. This structure is typical for a master limited partnership focused on energy logistics and retail.

The single largest cost component, though not explicitly listed as an expense line item in the required format, is the High cost of goods sold (COGS) due to commodity purchasing. This is the cost of the fuels and products Global Partners LP buys to sell through its wholesale and retail channels. For context in Q3 2025, total sales reached $4.7 billion, while the combined product margin (gross profit adjusted for cost of sales depreciation) was only $303.9 million for the quarter, showing that the vast majority of revenue is immediately consumed by purchasing inventory.

Operating costs are substantial, reflecting the physical nature of the business. The Significant operating expenses for terminal and station operations were reported at $132.5 million for the third quarter of 2025. This covers the day-to-day running of the extensive asset base.

Labor and overhead are also a major fixed cost. Labor and benefits costs are captured within Selling, General, and Administrative expenses (SG&A), which increased to $76.3 million in Q3 2025. This increase reflects, in part, rising wages and benefits across the organization.

Financing costs are a necessary drain on cash flow, given the asset-heavy model. The Interest expense on debt for Q3 2025 was reported at $33.3 million. This is a direct cost associated with the capital structure used to fund acquisitions and operations.

Finally, maintaining and growing the asset base requires significant ongoing investment, which is tracked through capital expenditures (CapEx). Global Partners LP has specific guidance for the full-year 2025 maintenance spending, which is crucial for keeping existing terminals and stations operational. The expected range for Capital expenditures for maintenance is set between $45 million to $55 million for the full-year 2025, separate from expansion spending.

Here's a quick look at how some of those key quarterly costs stack up for Q3 2025:

Cost Category	Q3 2025 Amount (USD)
Operating Expenses (Terminal/Station Ops)	$132.5 million
SG&A (Includes Labor/Benefits)	$76.3 million
Interest Expense	$33.3 million
Net Income	$29.0 million

The cost structure is further detailed by the nature of the spending required to support the physical infrastructure:

• Commodity purchasing is the largest variable cost, evidenced by $4.7 billion in Q3 2025 sales.
• Maintenance CapEx guidance for full-year 2025 is $45 million to $55 million.
• Expansion CapEx guidance for full-year 2025 is $40 million to $50 million (excluding acquisitions).
• Operating expenses decreased slightly in Q3 2025 to $132.5 million, partly due to lower repair expenses.
• SG&A increased by $5.8 million quarter-over-quarter to reach $76.3 million.

To be fair, the interest expense of $33.3 million is a fixed charge that must be covered regardless of commodity price volatility, which is a key risk in this cost profile. Finance: draft 13-week cash view by Friday.

Global Partners LP (GLP) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for how Global Partners LP brings in cash, focusing on the first quarter of 2025 data we have available. This is the core of their value capture.

Revenue Stream Component	Q1 2025 Financial Data Point
Wholesale sales of refined products and renewable fuels	$3.2 billion
Gasoline Distribution and Station Operations (GDSO) fuel and merchandise sales	$1.1 billion (GDSO segment sales)
Commercial sales of crude oil, residual oil, and marine fuel	$275.1 million (Commercial segment sales)
Terminal throughput and storage fees from third parties	$93.6 million (Wholesale segment product margin, which includes logistics revenue)
Product margin from gasoline distribution	$125.8 million

The revenue streams are clearly segmented by the business activity, but the profitability-the product margin-tells a different part of the story. For instance, the wholesale side, which includes your terminaling revenue, saw a product margin of $93.6 million in Q1 2025.

Here's a breakdown of the margin contribution across the key segments for that quarter:

• Wholesale segment product margin: $93.6 million
• Product margin from gasoline distribution: $125.8 million
• Product margin from station operations: $62.1 million
• Commercial segment product margin: $7.1 million

To be fair, the total sales for the period hit $4.6 billion, but the profitability is what really matters for the canvas, so you see the margin figures are what we focus on for the actual value captured from these activities. Finance: draft 13-week cash view by Friday.