Global Partners LP (GLP): Business Model Canvas [Jan-2025 Mise à jour]

Global Partners LP (GLP) est une puissance de distribution d'énergie dynamique, transformant le paysage complexe de la logistique pétrolière via un modèle commercial innovant et stratégiquement conçu. En intégrant de manière transparente des infrastructures sophistiquées, des partenariats stratégiques et des sources de revenus diversifiées, GLP s'est positionné comme un acteur critique de la chaîne d'approvisionnement énergétique, offrant des solutions de carburant fiables sur les marchés commerciaux et commerciaux avec une efficacité et une adaptabilité inégalées.

Global Partners LP (GLP) - Modèle d'entreprise: partenariats clés

Raffineries et terminaux de pétrole

Global Partners LP maintient des partenariats stratégiques avec plusieurs raffineries de pétrole et terminaux à travers le nord-est des États-Unis.

Partenaire	Emplacement	Volume annuel
Huile d'Irving	Saint John, Nouveau-Brunswick	1,2 million de barils par an
Partenaires de Buckeye	New York	850 000 barils par an

Sociétés de camionnage et de transport

GLP collabore avec des partenaires de transport spécialisés pour la distribution de carburant.

• Xpo logistique
• J.B. Hunt Transport Services
• Transport Trimac

Partenaire de transport	Miles annuels couverts	Taille de la flotte
Xpo logistique	2,3 millions de miles	125 camions dédiés
J.B. Hunt	1,8 million de miles	95 camions dédiés

Départements et réseaux de station-service

Global Partners LP s'associe à de vastes réseaux de dépanneurs.

• Cumberland Farms
• 7-Eleven
• Voie de vitesse

Réseau de partenaires	Total des emplacements	Ventes de carburant annuelles
Cumberland Farms	595 emplacements	1,2 milliard de dollars
Voie de vitesse	3 600 emplacements	3,8 milliards de dollars

Entreprises de distribution d'énergie et de logistique

GLP maintient des partenariats critiques dans l'infrastructure de distribution d'énergie.

• Lubricants spécialisés d'Axeon
• Vitol Inc.
• Services de carburant mondial

Partenaire de logistique	Volume de distribution annuel	Durée du partenariat
Vitol Inc.	12,5 millions de barils	8 ans
Services de carburant mondial	9,3 millions de barils	6 ans

Global Partners LP (GLP) - Modèle d'entreprise: activités clés

Distribution des produits pétroliers

Global Partners LP distribue environ 1,6 milliard de gallons de produits raffinés par an à travers le nord-est des États-Unis.

Catégorie de produits	Volume de distribution annuel	Couverture du marché
Essence	875 millions de gallons	11 États du nord-est
Carburant diesel	425 millions de gallons	Massachusetts, New Hampshire, Maine
Chauffage	300 millions de gallons	Région de la Nouvelle-Angleterre

Transport et stockage du carburant

Global Partners exploite une infrastructure complète de transport et de stockage.

• Capacité de stockage totale: 5,4 millions de barils
• 25 terminaux situés stratégiquement
• Réseau de transport de rails et de camions

Opérations terminales et gestion de la logistique

La société gère la logistique complexe dans plusieurs installations.

Type de terminal	Nombre d'installations	Régions géographiques
Terminaux de pétrole en vrac	18	Nord-Est des États-Unis
Installations de mélange de carburant	7	Massachusetts, New Hampshire

Trading d'énergie et distribution de gros

Global Partners s'engage dans des stratégies sophistiquées de trading d'énergie.

• Volume annuel de trading en gros: 2,1 milliards de gallons
• Échanger dans 12 États du nord-est
• Revenus de gros: 3,6 milliards de dollars en 2023

Ventes de carburant au détail et marketing

La société maintient un vaste réseau de ventes de carburant au détail.

Segment de vente au détail	Nombre d'emplacements	Ventes de détail annuelles
Magasins de commodité de marque	277	1,2 milliard de dollars
Stations de carburant sans marque	150	675 millions de dollars

Global Partners LP (GLP) - Modèle d'entreprise: Ressources clés

Infrastructure de distribution de pétrole approfondie

Global Partners LP exploite un réseau complet de distribution de pétrole avec les détails d'infrastructure suivants:

Composant d'infrastructure	Quantité / capacité
Total terminaux	49 terminaux
Capacité de stockage totale	8,5 millions de barils
Couverture géographique	Nord-Est des États-Unis

Terminal stratégique et réseau de pipelines

Les actifs clés du terminal et du pipeline comprennent:

• 49 Terminaux situés stratégiquement
• Connexions de pipeline dans plusieurs états
• Infrastructure de transport intégrée

Flotte de véhicules de transport

Type de véhicule	Nombre
Camions-citernes	280 camions
Voitures de train	150 wagons

Relations avec les fournisseurs de carburant

Relations principales du fournisseur avec:

• Exxonmobil
• Coquille
• Bp

Capacités de logistique et de trading avancées

Capacité de négociation	Détail
Volume de trading annuel	2,1 milliards de gallons
Marchés commerciaux	Essence, diesel, carburant résiduel

Global Partners LP (GLP) - Modèle d'entreprise: propositions de valeur

Distribution fiable des produits énergétiques

Global Partners LP distribue environ 2,4 milliards de gallons de produits de pétrole raffinés chaque année dans le nord-est des États-Unis. La société exploite 1 500 miles de pipelines de produits raffinés et de terminaux d'une capacité de stockage de 7,5 millions de barils.

Catégorie de produits	Volume de distribution annuel	Couverture du marché
Essence	1,1 milliard de gallons	Au nord-est des États-Unis
Carburant diesel	850 millions de gallons	Au nord-est des États-Unis
Chauffage	450 millions de gallons	Au nord-est des États-Unis

Solutions complètes de la chaîne d'approvisionnement en carburant

Global Partners gère un réseau de chaîne d'approvisionnement complexe impliquant:

• 49 terminaux dans 6 États
• Plusieurs modes de transport, y compris le camion, le rail et la marine
• Relations directes avec 15 raffineries de pétrole majeures

Prix ​​compétitifs pour les produits pétroliers

La stratégie de tarification moyenne maintient des marges entre 5 à 8% entre les gammes de produits, avec des taux de gros concurrentiels qui fluctuent en fonction des conditions du marché.

Type de produit	Marge de gros moyenne	Compétitivité des prix
Essence	6.2%	Moins de 2 à 3 cents de la moyenne du marché
Diesel	5.7%	Moins de 1 à 2 cents de la moyenne du marché

Logistique énergétique régionale efficace

L'infrastructure logistique comprend:

• Flotte de 350 camions de transport dédiés
• Partenariats avec plus de 200 entreprises de camionnage indépendantes
• Système de suivi logistique en temps réel

Diverses options de livraison de carburant pour les marchés commerciaux et de détail

Global Partners sert plusieurs segments de marché avec des approches de livraison spécialisées:

• Services d'alimentation commerciale de flotte
• Approvisionnement de la station-service au détail
• Distribution de gros aux détaillants régionaux
• Services de livraison de huile à domicile

Segment de marché	Volume des ventes annuelles	Part de marché
Flottes commerciales	680 millions de gallons	22%
Stations de gaz au détail	950 millions de gallons	18%
Chauffage de la maison	450 millions de gallons	35%

Global Partners LP (GLP) - Modèle d'entreprise: relations clients

Contrats d'alimentation en carburant commercial à long terme

Global Partners LP maintient 2 100 accords actifs d'approvisionnement en carburant commercial à long terme dans tous les secteurs du transport, de l'industrie et de l'agriculture. La durée moyenne du contrat est de 3,7 ans, les valeurs de contrat annuelles allant de 500 000 $ à 7,2 millions de dollars.

Type de contrat	Nombre de contrats	Valeur annuelle moyenne
Secteur des transports	872	2,3 millions de dollars
Secteur industriel	645	4,1 millions de dollars
Secteur agricole	583	1,9 million de dollars

Gestion de compte personnalisée

Global Partners LP emploie 126 professionnels de la gestion des comptes dédiés au service des clients de niveau d'entreprise. Le portefeuille de clients moyen par gestionnaire de compte est 17 clients.

Plates-formes de commande et de suivi du carburant numérique

Métriques d'utilisation de la plate-forme numérique pour 2023:

• Utilisateurs totaux de plate-forme numérique enregistrés: 4 287
• Utilisateurs mensuels de plate-forme numérique active: 3 215
• Volume de transaction numérique: 412 millions de dollars par an
• Valeur de transaction numérique moyenne: 128 500 $

Support client pour les clients de gros et de vente au détail

Canal de support	Volume de contact annuel	Temps de réponse moyen
Support téléphonique	87 500 appels	12 minutes
Assistance par e-mail	64 300 e-mails	4 heures
Chat en ligne	42 600 interactions	7 minutes

Programmes de fidélité pour les clients commerciaux

Statistiques du programme de fidélité pour 2023:

• Total des clients commerciaux inscrits: 1 842
• Revenus du programme de fidélité annuel: 87,3 millions de dollars
• Dépenses des membres du programme de fidélité moyens: 47 400 $
• Taux de rétention de la clientèle grâce au programme de fidélité: 68%

Global Partners LP (GLP) - Modèle d'entreprise: canaux

Équipes de vente directes

Global Partners LP maintient une force de vente directe dédiée de 87 représentants commerciaux professionnels à partir de 2023, ciblant les clients des carburants commerciaux et industriels sur 11 marchés du nord-est des États-Unis.

Métrique du canal de vente	2023 données
Représentants totaux des ventes directes	87
Couverture du marché géographique	11 États du nord-est
Volume des ventes annuel par l'équipe directe	672 millions de dollars

Plates-formes de commande de carburant en ligne

Global Partners LP exploite une plate-forme de commande de carburant numérique desservant 3 425 comptes commerciaux en 2023.

• Plateforme numérique Volume de transactions: 42 680 transactions
• Valeur de transaction moyenne: 15 740 $
• Taux de croissance des utilisateurs de la plateforme: 18,3% d'une année à l'autre

Réseaux de distribution en gros

La société gère un réseau de distribution de gros complet dans 14 États.

Métrique de distribution en gros	2023 données
Centres de distribution totaux	22
États servis	14
Volume annuel de distribution de gros	1,2 milliard de gallons

Partenariats de la station-service au détail

Global Partners LP maintient des partenariats stratégiques avec 1 364 stations-service au détail en 2023.

• Emplacements totaux de partenaires de vente au détail: 1 364
• Accords d'approvisionnement en carburant de marque: 976
• Ventes annuelles de carburant au détail: 3,7 milliards de dollars

Applications de gestion du carburant mobile

La société a lancé une application de gestion du carburant mobile en 2022 avec 6 742 utilisateurs commerciaux actifs d'ici 2023.

Métrique de l'application mobile	2023 données
Utilisateurs commerciaux actifs	6,742
Transactions annuelles via l'application mobile	28,345
Valeur de transaction moyenne via la plate-forme mobile	$12,560

Global Partners LP (GLP) - Modèle d'entreprise: segments de clientèle

Sociétés de transport commercial

Global Partners LP dessert les sociétés de transport commercial avec des services de distribution et de logistique de carburant.

Caractéristique du segment	Détails spécifiques
Total des clients de la flotte	Plus de 500 sociétés de transport commercial
Volume de carburant annuel	Environ 1,8 milliard de gallons de diesel et d'essence
Couverture géographique	Nord-est des États-Unis principalement

Chaînes de dépanneur

GLP prend en charge plusieurs chaînes de dépanneurs avec des réseaux d'alimentation et de distribution de carburant.

• Nombre de clients de chaîne de dépanneur: 127
• Alimentation annuelle moyenne de carburant par chaîne: 15,2 millions de gallons
• Total des sites de vente au détail desservis: 1 200 emplacements

Entreprises industrielles et manufacturières

Global Partners fournit des solutions de carburant et d'énergie pour les clients du secteur industriel.

Type de client	Consommation de carburant annuelle
Fabrication des clients	275 millions de gallons
Secteur de la construction	92 millions de gallons

Opérations agricoles

GLP soutient les entreprises agricoles avec des services de distribution de carburant spécialisés.

• Clients agricoles totaux: 86
• Alimentation annuelle de carburant agricole: 45,6 millions de gallons
• Régions primaires: États du nord-est et du milieu de l'Atlantique

Consommateurs de carburant au détail

Global Partners sert des consommateurs de carburant de détail individuels via divers canaux de distribution.

Segment des consommateurs	Volume annuel
Consommateurs d'essence au détail	620 millions de gallons
Consommateurs diesel de vente au détail	240 millions de gallons

Global Partners LP (GLP) - Modèle d'entreprise: Structure des coûts

Frais d'achat de carburant

En 2023, Global Partners LP a déclaré des coûts d'approvisionnement en carburant de 9,4 milliards de dollars, ce qui représente environ 78% des dépenses opérationnelles totales.

Type de carburant	Coût d'achat annuel	Pourcentage des dépenses totales de carburant
Essence	4,2 milliards de dollars	44.7%
Diesel	3,6 milliards de dollars	38.3%
Chauffage	1,6 milliard de dollars	17%

Coûts de transport et de logistique

Les frais de transport pour 2023 ont totalisé 672 millions de dollars, avec la ventilation suivante:

• Coûts opérationnels de la flotte de camions: 423 millions de dollars
• Transport de pipeline: 189 millions de dollars
• Transport ferroviaire: 60 millions de dollars

Maintenance des infrastructures

Les coûts de maintenance des infrastructures en 2023 se sont élevés à 214 millions de dollars, distribués:

Catégorie d'infrastructure	Frais de maintenance
Terminaux et installations de stockage	127 millions de dollars
Centres de distribution	54 millions de dollars
Entretien de l'équipement	33 millions de dollars

Personnel et frais généraux opérationnels

Le personnel total et les frais généraux opérationnels pour 2023 étaient de 198 millions de dollars:

• Salaires et salaires: 142 millions de dollars
• Avantages sociaux: 36 millions de dollars
• Formation et développement: 8 millions de dollars
• Frais administratifs: 12 millions de dollars

Investissements technologiques et plate-forme numérique

Les investissements technologiques en 2023 s'élevaient à 47 millions de dollars:

Catégorie de technologie	Montant d'investissement
Développement de plate-forme numérique	22 millions de dollars
Cybersécurité	15 millions de dollars
Systèmes d'analyse de données	10 millions de dollars

Global Partners LP (GLP) - Modèle d'entreprise: Strots de revenus

Distribution de carburant en gros

En 2023, Global Partners LP a rapporté des revenus de distribution de carburant en gros de 4,92 milliards de dollars. La société a distribué environ 2,1 milliards de gallons de produits raffinés à travers le nord-est des États-Unis.

Catégorie de produits	Volume (gallons)	Revenus ($)
Essence	1,050,000,000	2,467,500,000
Diesel	630,000,000	1,512,000,000
Chauffage	420,000,000	946,000,000

Ventes de carburant au détail

Les ventes de carburant au détail ont généré 1,38 milliard de dollars en 2023, avec 203 dépanneurs opérés par l'entreprise et stations-service.

• Marge de carburant de détail moyenne: 0,22 $ par gallon
• Volume total de carburant au détail: 620 millions de gallons
• Ventes de marchandises de dépanneur: 215 millions de dollars

Frais d'utilisation des terminaux

Les frais d'utilisation des terminaux ont généré 87,5 millions de dollars en 2023, avec 31 terminaux actifs dans la région du nord-est.

Emplacement du terminal	Nombre de terminaux	Revenus de frais d'utilisation ($)
Massachusetts	9	25,750,000
New York	7	19,950,000
Autres États du nord-est	15	41,800,000

Profits de trading d'énergie

Les activités de trading d'énergie ont généré 62,3 millions de dollars de bénéfices en 2023.

• Volume de trading de pétrole brut: 180 millions de barils
• Volume de trading au gaz naturel: 95 millions de mmbtu
• Marge commerciale moyenne: 0,35% par transaction

Services de logistique et de transport

Les services de logistique et de transport ont produit 145,6 millions de dollars de revenus pour 2023.

Catégorie de service	Revenus ($)	Pourcentage du total
Services de camionnage	82,300,000	56.5%
Services de stockage	38,700,000	26.6%
Courtage de transport	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.