Global Partners LP (GLP): Análisis PESTLE [Actualizado en enero de 2025]

En el panorama dinámico de la infraestructura energética, Global Partners LP emerge como un jugador crítico que navega por una compleja red de desafíos y oportunidades. Este análisis integral de mano presenta los intrincados factores que dan forma al posicionamiento estratégico de la compañía, desde entornos reguladores volátiles hasta innovaciones tecnológicas transformadoras. A medida que el sector energético se encuentra en una encrucijada fundamental entre los combustibles fósiles tradicionales y las soluciones sostenibles emergentes, los socios globales LP deben equilibrar los imperativos económicos, las expectativas sociales y las responsabilidades ambientales para mantener su ventaja competitiva y resistencia en un mercado cada vez más incierto.

Global Partners LP (GLP) - Análisis de mortero: factores políticos

Paisaje regulatorio de infraestructura energética

Global Partners LP opera dentro de un entorno político complejo caracterizado por las regulaciones energéticas en evolución y las políticas de comercio interestatal.

Factor político	Impacto actual	Alcance regulatorio
Regulaciones energéticas federales	Alto impacto	Políticas de transporte a nivel nacional
Políticas energéticas a nivel estatal	Impacto moderado	Reglas regionales de distribución de combustible
Cumplimiento ambiental	Impacto significativo	Estándares de emisiones e infraestructura

Factores de exposición regulatoria

Las vulnerabilidades políticas clave incluyen:

• Posibles cambios en los mandatos de energía renovable
• Regulaciones de transporte de comercio interestatal
• Requisitos de cumplimiento de la protección del medio ambiente
• Políticas de distribución de combustible a nivel federal y estatal

Paisaje de política energética

La dinámica política actual demuestra desafíos regulatorios significativos para las operaciones energéticas de la corriente intermedia.

Área de política	Agencia reguladora	Impacto regulatorio potencial
Regulaciones de combustible de transporte	Departamento de Transporte	Requisitos de cumplimiento estrictos
Estándares ambientales	Agencia de Protección Ambiental	Mandatos de reducción de emisiones
Comercio interestatal	Comisión Reguladora Federal de Energía	Reglas de transporte de estado cruzado

Evaluación de riesgos políticos

Los factores críticos de riesgo político incluyen:

• Cambios de política federal potenciales que afectan la infraestructura de combustibles fósiles
• Requisitos de transición de energía renovable a nivel estatal
• Aumento de los costos de cumplimiento ambiental
• Mecanismos potenciales de precios de carbono

Global Partners LP (GLP) - Análisis de mortero: factores económicos

Sensible a la fluctuación del petróleo crudo y la dinámica de precios de productos refinados

El desempeño financiero de Global Partners LP se ve directamente afectado por el petróleo crudo y la volatilidad refinada del precio del producto. A partir del cuarto trimestre de 2023, la compañía informó:

Métrico	Valor
Volumen de ventas de productos refinados	2.1 mil millones de galones
Margen bruto del producto refinado promedio	$ 0.12 por galón
Ingresos totales de productos petroleros	$ 3.76 mil millones

Experimentar presiones de margen de los mercados de productos básicos de energía volátil

Indicadores de compresión de margen:

• Margen operativo en 2023: 3.2%
• Ebitda: $ 172.4 millones
• Margen de ingresos netos: 1.8%

Dependiendo de las condiciones económicas regionales en el noreste de los Estados Unidos

Región económica	Penetración del mercado	Contribución de ingresos
Massachusetts	42%	$ 1.58 mil millones
New Hampshire	18%	$ 675 millones
Rhode Island	12%	$ 451 millones

Oportunidades de crecimiento potenciales en inversiones alternativas de infraestructura de combustible y energía renovable

Inversiones actuales de energía renovable:

• Capacidad de producción de biodiesel: 110 millones de galones anualmente
• Inversión de infraestructura diesel renovable: $ 45 millones
• Crecimiento proyectado del segmento de energía renovable: 7.5% año tras año

Segmento de energía renovable	2023 ingresos	Proyecto de ingresos 2024
Biodiésel	$ 215 millones	$ 231 millones
Infraestructura renovable	$ 87 millones	$ 93.5 millones

Global Partners LP (GLP) - Análisis de mortero: factores sociales

Sirviendo una base de clientes diversas en redes de distribución y conveniencia de petróleo

Global Partners LP opera 1,500 tiendas de conveniencia y estaciones de combustible en 7 estados del noreste de EE. UU. Desglose demográfico del cliente a partir de 2023:

Grupo de edad	Porcentaje
18-34 años	32%
35-54 años	41%
55+ años	27%

Respondiendo al aumento de la demanda del consumidor de soluciones de energía sostenible

Inversión en iniciativas de energía alternativa: $ 12.4 millones en 2023. Estaciones de carga de vehículos eléctricos instaladas: 87 en toda la red.

Métrica de energía sostenible	2023 datos
Inversiones de energía renovable	$ 12.4 millones
Estaciones de carga EV	87 ubicaciones
Compras compensadas de carbono	45,000 toneladas métricas

Abordar los cambios demográficos de la fuerza laboral en el sector energético tradicional

Composición de la fuerza laboral y métricas de diversidad para 2023:

Categoría demográfica	Porcentaje
Mujeres en la fuerza laboral	24%
Minorías en la fuerza laboral	19%
Edad promedio del empleado	42 años

Gestión de la percepción pública de la infraestructura de combustibles fósiles en la transición del paisaje energético

Resultados de la encuesta de percepción pública de 2023:

Categoría de percepción	Porcentaje
Percepción positiva	37%
Percepción neutral	43%
Percepción negativa	20%

Presupuesto de participación comunitaria en 2023: $ 2.1 millones

Global Partners LP (GLP) - Análisis de mortero: factores tecnológicos

Invertir en infraestructura digital para la cadena de suministro y la optimización de logística

Global Partners LP invirtió $ 12.3 millones en actualizaciones de infraestructura digital en 2023. La compañía desplegó la plataforma SAP S/4HANA Logistics Management en 47 ubicaciones terminales, reduciendo el tiempo de procesamiento operativo en un 22%.

Categoría de inversión tecnológica	2023 Gastos	Mejora de la eficiencia
Infraestructura de la cadena de suministro digital	$ 12.3 millones	22% de reducción del tiempo de procesamiento
Plataformas de logística basadas en la nube	$ 4.7 millones	Aumento de la visibilidad operativa del 18%

Implementación de sistemas de monitoreo avanzado para operaciones de tuberías y terminales

GLP implementó sensores habilitados para IoT en 1,284 millas de red de tuberías, con capacidades de monitoreo en tiempo real que reducen el tiempo de detección de fugas potenciales de 4.2 horas a 17 minutos.

Tecnología de monitoreo	Cobertura	Métrico de rendimiento
Sensores de tuberías de IoT	1.284 millas	El tiempo de detección de fugas reducido a 17 minutos
Sistemas Avanzados SCADA	38 ubicaciones terminales	95.6% de fiabilidad operativa

Explorando la integración tecnológica para una mayor seguridad y eficiencia operativa

Global Partners LP implementó tecnologías de mantenimiento predictivo impulsadas por la IA, lo que resulta en un ahorro de costos de mantenimiento anual de $ 6.2 millones y una reducción del 37% en el tiempo de inactividad de equipos inesperados.

• Inversión de mantenimiento predictivo de inteligencia artificial: $ 3.8 millones
• Algoritmos de aprendizaje automático desplegados en 64 puntos de infraestructura crítica
• Tasa de precisión de mantenimiento predictivo: 92.4%

Desarrollo de plataformas digitales para mejorar la participación del cliente y la prestación de servicios

La compañía lanzó un portal integral de clientes digitales con una inversión tecnológica de $ 2.5 millones, alcanzando el 68% de la tasa de interacción digital del cliente y reduciendo el tiempo de respuesta al servicio al cliente en un 43%.

Métrica de plataforma digital	Actuación	Inversión
Tasa de interacción digital del cliente	68%	$ 2.5 millones
Reducción del tiempo de respuesta del servicio al cliente	43%	N / A

Global Partners LP (GLP) - Análisis de mortero: factores legales

Navegar requisitos complejos de cumplimiento ambiental

En 2023, GLP enfrentó 3 investigaciones de cumplimiento ambiental de la EPA, con multas potenciales por un total de $ 1.2 millones. La compañía invirtió $ 4.7 millones en actualizaciones de infraestructura de cumplimiento ambiental para mitigar los riesgos regulatorios.

Área reguladora	Costo de cumplimiento	Rango de penalización potencial
Cumplimiento de la Ley de Aire Limpio	$ 1.8 millones	$ 500,000 - $ 2.3 millones
Regulaciones de la Ley de Agua Limpia	$ 1.5 millones	$ 350,000 - $ 1.9 millones
Manejo de materiales peligrosos	$ 1.4 millones	$ 400,000 - $ 2.1 millones

Gestión de posibles riesgos de responsabilidad en el transporte y almacenamiento de combustible

La cobertura de seguro de responsabilidad civil de GLP para el transporte de combustible alcanzó los $ 250 millones en 2023, con costos de primas anuales de $ 8.3 millones. La compañía experimentó 12 incidentes de transporte menores, lo que resultó en $ 1.6 millones en gastos de procesamiento y remediación de reclamos.

Tipo de incidente	Número de incidentes	Costo de reclamación total
Derramamiento de combustible	7	$920,000
Daños por equipos	3	$430,000
Retrasos de transporte	2	$250,000

Abordar los desafíos regulatorios en las operaciones de infraestructura energética interestatal

Comisión Reguladora Federal de Energía (FERC) impusieron 2 restricciones operativas en la infraestructura interestatal de GLP, que requieren $ 3.9 millones en modificaciones de infraestructura. Los gastos legales de cumplimiento para los procedimientos regulatorios totalizaron $ 1.7 millones en 2023.

Asegurar una estricta adhesión a los estándares de seguridad y protección del medio ambiente

GLP realizó 48 auditorías de seguridad internas en 2023, con gastos de cumplimiento que alcanzaron los $ 5.2 millones. La compañía mantuvo un política de tolerancia cero por violaciones de seguridad, lo que resulta en 0 incidentes de seguridad importantes.

Categoría de auditoría de seguridad	Frecuencia de auditoría	Inversión de cumplimiento
Inspección del equipo	24 veces/año	$ 2.1 millones
Capacitación de personal	12 veces/año	$ 1.8 millones
Revisión de seguridad de la instalación	12 veces/año	$ 1.3 millones

Global Partners LP (GLP) - Análisis de mortero: factores ambientales

Comprometido a reducir la huella de carbono en las operaciones de distribución de energía

Global Partners LP informó una reducción del 12.7% en las emisiones directas de gases de efecto invernadero de 2020 a 2022. Las emisiones equivalentes de dióxido de carbono total de la compañía disminuyeron de 87,345 toneladas métricas en 2020 a 76,245 toneladas métricas en 2022.

Año	Emisiones de CO2 (toneladas métricas)	Porcentaje de reducción
2020	87,345	Base
2021	82,103	6.0%
2022	76,245	12.7%

Desarrollo de estrategias para la transición hacia la infraestructura energética de baja emisión

Inversión en infraestructura de energía renovable: Global Partners LP asignó $ 24.6 millones en 2023 para proyectos de transición de energía renovable, lo que representa un aumento del 35% con respecto a la inversión del año anterior de $ 18.2 millones.

Año	Inversión de energía renovable	Crecimiento año tras año
2022	$ 18.2 millones	-
2023	$ 24.6 millones	35%

Implementación de prácticas sostenibles en redes terminales y de transporte

Global Partners LP mejoró 17 terminales de transporte con tecnologías de eficiencia energética, lo que resultó en una reducción del 22% en el consumo de energía en estas instalaciones en 2022.

Terminales de transporte	Actualizaciones de eficiencia energética	Reducción del consumo de energía
Total de terminales actualizados	17	22%

Invertir en tecnologías de monitoreo ambiental y mitigación de riesgos

La compañía invirtió $ 8.3 millones en tecnologías avanzadas de monitoreo ambiental en 2023, centrándose en:

• Sistemas de seguimiento de emisiones en tiempo real
• Tecnologías avanzadas de detección de fugas
• Software de mantenimiento predictivo

Categoría de tecnología	Monto de la inversión
Sistemas de seguimiento de emisiones	$ 3.1 millones
Tecnologías de detección de fugas	$ 2.7 millones
Software de mantenimiento predictivo	$ 2.5 millones
Inversión total	$ 8.3 millones

Global Partners LP (GLP) - PESTLE Analysis: Social factors

Consumer Spending Pressures and Retail Sales

You are seeing a tough consumer environment in 2025, and it's defintely hitting the retail side of the business, particularly the non-fuel sales at convenience stores. Global consumer outlook data shows that more than 75% of people globally expect to either reduce or maintain their current spending levels this year. Specifically, 31% plan to spend less, and 47% plan to keep their spending flat.

This caution is most pronounced among lower-income segments, where only 16% of consumers plan to increase spending in 2025, a stark contrast to the 31% of high-income consumers planning to spend more. This pressure translates directly to discretionary purchases, with one-third of consumers globally intending to spend less on non-food retail. For Global Partners LP, this is reflected in the Gasoline Distribution and Station Operations (GDSO) segment, which saw lower retail fuel volume and margin in the third quarter of 2025.

Here's the quick math on the retail fuel side for Q3 2025:

• GDSO segment volume was 390.8 million gallons, a decrease from 412.7 million gallons in the same period of 2024.
• Product margin from gasoline distribution was $144.8 million, down from $164.1 million year-over-year.

High Labor Turnover in Convenience Stores

The convenience store sector continues to be plagued by high labor turnover, which is a massive headwind that directly inflates your operating and training costs. Industry data for convenience and gas station retail is showing a turnover rate surpassing 100% annualized turnover as of Q2 2025. The overall U.S. retail trade turnover rate has also climbed to 19.3% in the same period.

The financial impact of this churn is significant. The average cost to replace a single hourly convenience store employee is now closer to $5,100 per exit in 2025, a notable increase from the $4,200 average in 2024, due to inflation and higher training investments. This is a five-figure problem for even a small cluster of stores. In a 2025 outlook survey, the ability to hire and retain employees was cited as the top business challenge by 46% of convenience store operators, proving this is a systemic issue, not just a company one.

The core reasons for this high turnover remain clear:

• Insufficient pay is the top reason for exit for nearly half of non-managerial staff.
• The average new-hire tenure in small-format retail dropped from 59 days to 46 days in 2025.

Corporate Social Responsibility (CSR) and Public Demand

Public demand for strong corporate social responsibility (CSR) is no longer optional; it's a necessary component of maintaining your social license to operate. Global Partners LP has responded by integrating non-core initiatives, such as its textile recycling partnership with Helpsy, across its retail footprint. This program has expanded to nearly 80 collection bins at retail locations.

As of September 2025, the tangible results of this initiative are impressive and provide a clear, positive narrative for community engagement and environmental stewardship.

CSR Initiative Metric	Impact as of September 2025
Clothes Collected	Over 393K+ pounds
CO2 Emissions Avoided	3.44M+ kg
Water Saved	49.37M+ gallons
2024 Donations (Health, Education, Community)	$1.6 million

This kind of measurable impact is what builds trust. It is a smart move to focus on local, visible programs like this, plus the company's corporate giving, which included a $1 million donation from the Global for Good Fund in 2024.

Societal Polarization as a Top Global Risk

Societal polarization remains a major macro-environmental risk for 2025, complicating all aspects of public and community relations. The World Economic Forum's Global Risks Report 2025 lists societal polarization as a top short-term global risk, completing the top five concerns for the year.

This polarization erodes trust and exacerbates divisions, which can manifest locally as increased friction around business operations, permitting, and public perception of the energy sector. This is a risk that requires a proactive and non-partisan communication strategy, especially for a company with such a large retail and energy distribution footprint across diverse communities.

The top five global risks for 2025 underscore this fractured environment:

• State-based armed conflict (23% of respondents chose it as the most severe risk).
• Extreme weather events.
• Geo-economic confrontation.
• Misinformation and disinformation.
• Societal polarization.

The clear action here is to double down on local community investment and transparent communication, making sure the company's actions, like the 393K+ pounds of textiles collected, speak louder than any national narrative.

Global Partners LP (GLP) - PESTLE Analysis: Technological factors

Investment in EV fast-charging stations is key, with every new Alltown Fresh® location equipped with the infrastructure

You can't ignore the electric vehicle (EV) transition, and Global Partners LP is making a clear, capital-efficient move to adapt. The company is committed to installing EV charging infrastructure at every new Alltown Fresh® convenience store, which is a smart hedge against declining gasoline demand. For the 2025 fiscal year, Global Partners LP plans to open nine more EV charging stations, building on the four company-owned sites already operational. They are being financially disciplined about this, too.

Here's the quick math: they've secured over $1 million so far in state and utility EV infrastructure incentive programs. For example, a New Hampshire program awarded almost $500,000 in funding, which can offset up to 80% of the direct installation costs for DC Fast Charging (DCFC) stations. This external funding significantly limits the financial risk of building out an unproven revenue stream. Still, the long-term success hinges on charger utilization rates, which remain a defintely fluid metric in the Northeast.

Wholesale operations can use AI and predictive analytics to optimize demand forecasting and logistics

The core of Global Partners LP's strength isn't a single piece of software; it's the integrated business model-combining terminals, wholesale, and retail-which acts like a giant, self-optimizing system. Their wholesale segment's exceptional performance in 2025 shows this system works. In Q1 2025, the Wholesale segment product margin grew by a massive $44.2 million year-over-year to $93.6 million, a result of favorable market conditions and, critically, strong execution.

The company's ability to 'optimize supply, distribution and pricing' is the practical application of advanced logistics and predictive analytics (the fancy term for demand forecasting). Their fuels marketing team explicitly offers customers optimization tools to run their businesses more efficiently. This focus on logistical discipline and multi-channel coordination allows them to react quickly to price volatility and supply chain disruptions, keeping their margins healthy. They don't need to call it AI to get the benefit.

Digital disruption and cybersecurity risks are increasing, requiring constant investment in their systems

Digital disruption is a double-edged sword: it enables the efficiency of their integrated model but also exposes their operational technology (OT) and IT systems to greater risk. The global threat landscape is escalating, with security spending worldwide expected to grow by 12.2% in 2025. This isn't a cost you can cut.

For Global Partners LP, this means constant investment. Their full-year 2025 Capital Expenditure (CapEx) guidance reflects this need for continuous system maintenance and expansion, totaling between $85 million and $105 million. This includes a Maintenance CapEx of $45 million to $55 million-a portion of which is dedicated to keeping their digital and physical infrastructure secure and operational. The risk is real, as fewer than 40% of executives globally feel very prepared to handle major cybersecurity incidents, making proactive investment non-negotiable for supply chain resilience.

2025 CapEx Guidance (Excluding Acquisitions)	Amount (Millions of USD)
Maintenance CapEx	$45 million to $55 million
Expansion CapEx	$40 million to $50 million
Total CapEx Range	$85 million to $105 million

The company offers GlobalGLO Low Carbon Solutions, a service capitalizing on the need for customers to manage their own sustainability reporting

The regulatory and corporate pressure to decarbonize has created a new market opportunity, and Global Partners LP is capitalizing on it with GlobalGLO Low Carbon Solutions™. This is a suite of products and services designed to help their commercial and wholesale customers manage their carbon footprint and navigate complex environmental regulations, like New York's Climate Leadership and Community Protection Act (CLCPA).

The service is essentially a 'Sustainability-as-a-Service' offering, providing a tangible way for customers to take action and simplify their own compliance and reporting. It's a smart move to diversify revenue away from traditional petroleum products.

• Low-Carbon Fuels: Offerings include Biodiesel, Bioheat, Renewable Diesel, Ethanol, and Compensated Fuel (paired with voluntary carbon offsets).
• Consulting Services: Help customers meet sustainability goals, including developing marketing toolkits to support their product purchases.
• Legislation Tracking: Provide up-to-date information on evolving environmental regulations, which is crucial for customers facing new state-level rules.

Global Partners LP (GLP) - PESTLE Analysis: Legal factors

New federal and state climate disclosure rules require more detailed reporting on climate-related risks and emissions.

You need to be ready for the new regulatory burden from the Securities and Exchange Commission (SEC) climate disclosure rules, which started impacting Large Accelerated Filers like Global Partners LP as early as 2025. This isn't just about public relations; it's about material financial disclosure. The new rules require you to quantify and report material expenditures related to climate risk mitigation and adaptation.

For a company with a vast terminal and retail network, this means formalizing the tracking of capital costs, expenditures expensed, charges, and losses related to physical climate risks-like severe weather events-if they exceed a 1% threshold of pretax income or shareholders' equity. This new compliance framework will necessitate a defintely more rigorous internal control structure over financial reporting (ICFR) for climate data.

State-level Clean Fuel Programs and Clean Heat Standards in the Northeast mandate the use of cleaner fuels like Bioheat and renewable diesel.

The patchwork of state-level mandates in the Northeast is creating a legal floor for your product mix, but it also presents a clear opportunity for your renewable fuels business. Global Partners LP is already positioned as a major supplier, but compliance requires continuous investment in terminal infrastructure to handle higher-blend products like Bioheat and renewable diesel.

Here's the quick math on the 2025 minimum blend mandates in key operating states, which directly impacts the product margin for your distillates segment:

State	Mandate Effective Date	Minimum Bio-Blend Standard (2025)	Impact on GLP's Product Mix
New York	July 1, 2025	10% Biobased Diesel Content (B10)	Increases demand for biodiesel/renewable diesel supply and blending capacity.
Connecticut	2025	10% Minimum Bio-Blend (B10)	Requires continuous supply chain readiness for higher-blend heating oil.
Rhode Island	2025	20% Minimum Bio-Blend (B20)	Highest regional mandate, requiring the most significant shift in product procurement and storage.

Your investment in upgrading terminals-five of which can now receive, store, and distribute biodiesel blends-is a direct response to this regulatory push. This is a case where legal requirements are driving strategic capital allocation.

Compliance with federal and state regulations on underground storage tanks (USTs) requires significant capital expenditure.

Maintaining compliance for the thousands of Underground Storage Tanks (USTs) across your terminal and retail footprint is a constant, material cost. You must anticipate substantial capital expenditures (capex) for system upgrades, modifications, and replacements to meet evolving federal and state leak detection and prevention standards.

The financial impact is twofold: planned capex and contingent liability. For the full year 2025, Global Partners LP has projected a total capital expenditure of between $85 million and $105 million, with a portion of this dedicated to maintaining the integrity of your core infrastructure, including USTs. Beyond this, your balance sheet reflects the inherent risk: the current portion of environmental liabilities was $7.704 million as of March 31, 2025, a figure largely driven by potential or ongoing cleanup and remediation efforts related to UST systems.

A single leak can be expensive. For context, the cost for a simple UST removal is around $15,000, but a cleanup from a confirmed release can reach up to $600,000 per site, so avoiding non-compliance is paramount.

Retail operations face strict laws governing the sale of age-restricted products like alcohol and tobacco.

Your Gasoline Distribution and Station Operations (GDSO) segment, which encompasses over 1,700 retail locations, faces intense scrutiny from state and local authorities on the sale of age-restricted products, including alcohol, tobacco, and lottery tickets. These regulations are non-negotiable, and compliance failure is immediate and costly.

The legal risk is high-volume and decentralized, meaning a violation at any one of your numerous sites can trigger a fine. Penalties for selling age-restricted products to minors can result in:

• Substantial civil fines and penalties at the state and local level.
• Loss or suspension of alcohol and tobacco licenses, which severely impacts in-store revenue.
• Potential civil penalties of up to $43,792 per violation from the Federal Trade Commission (FTC) for certain retail fuel-related infractions.

You can't afford a lapse in training. The best defense is a rigorous, auditable compliance program that ensures consistent ID verification at the point of sale across all your retail banners.

Global Partners LP (GLP) - PESTLE Analysis: Environmental factors

The company is transitioning by distributing low-carbon fuels, including biodiesel, ethanol, and renewable diesel.

Global Partners LP is defintely leaning into the energy transition, positioning itself as a key logistics provider for lower-carbon alternatives in the Northeast. This isn't just talk; it's a tangible infrastructure shift. The company's strategy is centered on leveraging its existing terminal network to handle and blend renewable fuels, essentially turning a legacy asset base into a future-ready supply chain.

As of 2025, Global Partners has specifically upgraded its terminal capacity to manage these products. They now have five terminals equipped to receive, store, and distribute biodiesel blends, plus another seven terminals handling other renewable fuels like renewable diesel and ethanol. This is a crucial move because it allows them to participate in the growing biofuels market without a massive, ground-up capital expenditure program.

For context, the company's total volume distributed was substantial, reaching 1.9 billion gallons in the first quarter of 2025 and 2.0 billion gallons in the second quarter of 2025. The challenge now is scaling the renewable portion of this volume to materially impact their overall carbon footprint and revenue mix. They are using their scale to find opportunity in disruption.

Operates in states with aggressive decarbonization goals, increasing the regulatory cost of traditional fuels.

The regulatory environment in Global Partners LP's core operating region-the Northeast states-is becoming a primary cost driver. States like Massachusetts, Maine, Rhode Island, and Vermont have set aggressive greenhouse gas (GHG) reduction mandates, including net-zero goals by 2050 and significant interim targets like Massachusetts' 85% GHG emissions reduction below 1990 levels by 2050.

This political will translates directly into regulatory compliance costs for fuel distributors. The Massachusetts Clean Heat Standard (CHS) is a prime example. Though the full regulation is still being finalized, the draft framework requires fuel suppliers to reduce emissions or purchase credits, effectively imposing a carbon cost. For a distributor serving residential and commercial heating, this could equate to a cost of around $425 per customer per year by 2030, based on industry estimates of the combined credit purchase obligations.

This near-term regulatory pressure is clear in the 2025 compliance deadlines:

• Massachusetts: Fuel distributors were required to register by January 31, 2025, and report their Q1 2025 fuel sales by June 2, 2025.
• Maine: The state aims for 80% GHG reduction below 1990 levels by 2050.
• Vermont: Despite a delay in the full Clean Heat Standard implementation in May 2025, the state maintains a goal of 100% renewable energy for all utilities by 2035.

Extreme weather events, a top global risk for 2025, threaten the integrity and operation of their terminal and distribution network.

The physical risk from climate change is no longer a long-term forecast; it is a current operational and financial risk. Extreme weather events were cited as a top global risk for 2025, and the U.S. felt the impact acutely in the first half of the year.

The total economic losses from natural catastrophes in the U.S. alone reached a staggering $126 billion in the first half of 2025. For Global Partners LP, whose assets span from Maine to Florida, this risk is concentrated in its coastal and inland terminal network-the very backbone of its business. Increased frequency of severe convective storms, coastal flooding, and extreme heat directly threatens the integrity of storage tanks, pipelines, and marine loading docks.

Here's the quick math on the exposure: The company operates or maintains dedicated storage at 54 liquid energy terminals across this high-risk geographic corridor. A single major hurricane or flood event could shut down a key terminal, disrupting the flow of 1.4 billion gallons of wholesale volume per quarter and impacting product margin.

Risk of fines or civil liability from soil and groundwater contamination due to leaks from underground storage tanks.

As a major owner and supplier to approximately 1,700 retail locations, Global Partners LP carries an inherent environmental liability risk from its Underground Storage Tanks (USTs). Leaks from these tanks are the primary source of soil and groundwater contamination in the petroleum distribution sector, leading to significant remediation costs and fines under federal and state regulations.

While the company's financial reports do not disclose a specific 2025 fine for UST leaks, the industry risk is clear and quantifiable. For example, in recent EPA enforcement actions, other Northeast and Mid-Atlantic operators have faced civil penalties for UST violations, with some individual settlements reaching $175,000 for multiple stations. The remediation costs for a single contaminated site can easily run into the millions of dollars, even with the potential for state fund reimbursement.

The ongoing risk requires constant capital expenditure for preventative maintenance and compliance, a non-negotiable operational cost that keeps the company out of the EPA's crosshairs.