Global Partners LP (GLP): Analyse Pestle [Jan-2025 MISE À JOUR]

Dans le paysage dynamique des infrastructures énergétiques, Global Partners LP apparaît comme un acteur critique naviguant dans un réseau complexe de défis et d'opportunités. Cette analyse complète du pilon dévoile les facteurs complexes qui façonnent le positionnement stratégique de l'entreprise, des environnements réglementaires volatils aux innovations technologiques transformatrices. Alors que le secteur de l'énergie se situe à un carrefour pivot entre les combustibles fossiles traditionnels et les solutions durables émergentes, les partenaires mondiaux LP doivent équilibrer habillé les impératifs économiques, les attentes sociétales et les responsabilités environnementales pour maintenir son avantage concurrentiel et sa résilience dans un marché de plus en plus incertain.

Global Partners LP (GLP) - Analyse du pilon: facteurs politiques

Paysage réglementaire des infrastructures énergétiques

Global Partners LP opère dans un environnement politique complexe caractérisé par l'évolution des réglementations énergétiques et des politiques de commerce interétatique.

Facteur politique	Impact actuel	Portée réglementaire
Règlement sur l'énergie fédérale	Impact	Politiques de transport à l'échelle nationale
Politiques énergétiques au niveau de l'État	Impact modéré	Règles régionales de distribution de carburant
Conformité environnementale	Impact significatif	Émissions et normes d'infrastructure

Facteurs d'exposition réglementaires

Les vulnérabilités politiques clés comprennent:

• Changements potentiels dans les mandats d'énergie renouvelable
• Règlement sur le transport du commerce interétatique
• Exigences de conformité de la protection de l'environnement
• Politiques de distribution de carburant fédérales et étatiques

Paysage politique énergétique

La dynamique politique actuelle démontre des défis réglementaires importants pour les opérations énergétiques intermédiaires.

Domaine politique	Agence de réglementation	Impact réglementaire potentiel
Règlement sur les carburants de transport	Ministère des Transports	Exigences de conformité strictes
Normes environnementales	Agence de protection de l'environnement	Mandats de réduction des émissions
Commerce interétatique	Commission de réglementation de l'énergie fédérale	Règles de transport entre États

Évaluation des risques politiques

Les facteurs de risque politiques critiques comprennent:

• Changements de politique fédérale potentiels affectant les infrastructures de combustible fossile
• Exigences de transition d'énergie renouvelable au niveau de l'État
• Augmentation des coûts de conformité environnementale
• Mécanismes potentiels de tarification du carbone

Global Partners LP (GLP) - Analyse du pilon: facteurs économiques

Sensible à la fluctuation de l'huile brute et de la dynamique des prix raffinés des produits

La performance financière de Global Partners LP est directement impactée par le pétrole brut et la volatilité raffinée des prix des produits. Au quatrième trimestre 2023, la société a rapporté:

Métrique	Valeur
Volume de ventes de produits raffinés	2,1 milliards de gallons
Marge brute du produit raffiné moyen	0,12 $ par gallon
Les revenus totaux des produits pétroliers	3,76 milliards de dollars

Éprouver des pressions sur les marges des marchés des produits d'énergie volatile

Indicateurs de compression de marge:

• Marge opérationnelle en 2023: 3,2%
• EBITDA: 172,4 millions de dollars
• Marge du revenu net: 1,8%

En fonction des conditions économiques régionales dans le nord-est des États-Unis

Région économique	Pénétration du marché	Contribution des revenus
Massachusetts	42%	1,58 milliard de dollars
New Hampshire	18%	675 millions de dollars
Rhode Island	12%	451 millions de dollars

Opportunités de croissance potentielles dans les investissements alternatifs sur les infrastructures de carburant et d'énergie renouvelable

Investissements en énergie renouvelable actuels:

• Capacité de production du biodiesel: 110 millions de gallons par an
• Investissement en infrastructure diesel renouvelable: 45 millions de dollars
• Croissance du segment des énergies renouvelables prévues: 7,5% d'une année à l'autre

Segment d'énergie renouvelable	Revenus de 2023	Revenus de 2024 projetés
Biodiesel	215 millions de dollars	231 millions de dollars
Infrastructure renouvelable	87 millions de dollars	93,5 millions de dollars

Global Partners LP (GLP) - Analyse du pilon: facteurs sociaux

Servir une clientèle diversifiée sur les réseaux de distribution de pétrole et de dépanneur

Global Partners LP exploite 1 500 dépanneurs et stations de carburant dans 7 États du nord-est des États-Unis. Répartition démographique du client à partir de 2023:

Groupe d'âge	Pourcentage
18-34 ans	32%
35 à 54 ans	41%
Plus de 55 ans	27%

Répondre à l'augmentation de la demande des consommateurs de solutions énergétiques durables

Investissement dans des initiatives d'énergie alternative: 12,4 millions de dollars en 2023. Stations de recharge de véhicules électriques installées: 87 à travers le réseau.

Métrique énergétique durable	2023 données
Investissements en énergie renouvelable	12,4 millions de dollars
Bornes de recharge EV	87 emplacements
Achats de décalage de carbone	45 000 tonnes métriques

Aborder les changements démographiques de la main-d'œuvre dans le secteur de l'énergie traditionnel

Composition de la main-d'œuvre et mesures de diversité pour 2023:

Catégorie démographique	Pourcentage
Femmes sur la main-d'œuvre	24%
Minorités de la main-d'œuvre	19%
Âge des employés moyens	42 ans

Gérer la perception du public des infrastructures de combustibles fossiles dans le paysage énergétique de la transition

L'enquête sur la perception du public résulte de 2023:

Catégorie de perception	Pourcentage
Perception positive	37%
Perception neutre	43%
Perception négative	20%

Budget d'engagement communautaire en 2023: 2,1 millions de dollars

Global Partners LP (GLP) - Analyse du pilon: facteurs technologiques

Investir dans des infrastructures numériques pour l'optimisation de la chaîne d'approvisionnement et de la logistique

Global Partners LP a investi 12,3 millions de dollars dans les mises à niveau des infrastructures numériques en 2023. La société a déployé la plate-forme de gestion de la logistique SAP SAP S / 4HANA sur 47 emplacements terminaux, réduisant le temps de traitement opérationnel de 22%.

Catégorie d'investissement technologique	2023 dépenses	Amélioration de l'efficacité
Infrastructure de chaîne d'approvisionnement numérique	12,3 millions de dollars	Réduction du temps de traitement de 22%
Plateformes logistiques basées sur le cloud	4,7 millions de dollars	Augmentation de la visibilité opérationnelle de 18%

Implémentation de systèmes de surveillance avancés pour les opérations de pipeline et de terminal

GLP a déployé des capteurs compatibles IoT sur 1 284 miles de réseau de pipelines, les capacités de surveillance en temps réel réduisant le temps de détection de fuite potentiel de 4,2 heures à 17 minutes.

Technologie de surveillance	Couverture	Métrique de performance
Capteurs de pipeline IoT	1 284 miles	Le temps de détection des fuites réduit à 17 minutes
Systèmes SCADA avancés	38 emplacements terminaux	95,6% de fiabilité opérationnelle

Exploration de l'intégration de la technologie pour une amélioration de la sécurité et de l'efficacité opérationnelle

Global Partners LP a mis en œuvre les technologies de maintenance prédictive axées sur l'IA, ce qui a entraîné des économies de coûts de maintenance annuelles de 6,2 millions de dollars et une réduction de 37% des temps d'arrêt de l'équipement inattendu.

• Intelligence artificielle Investissement de maintenance prédictive: 3,8 millions de dollars
• Algorithmes d'apprentissage automatique déployés sur 64 points d'infrastructure critiques
• Taux de précision de la maintenance prédictive: 92,4%

Développer des plateformes numériques pour une amélioration de l'engagement client et de la prestation de services

La société a lancé un portail client numérique complet avec des investissements technologiques de 2,5 millions de dollars, une réalisation de 68% du taux d'interaction numérique client et une réduction du temps de réponse du service client de 43%.

Métrique de la plate-forme numérique	Performance	Investissement
Taux d'interaction numérique client	68%	2,5 millions de dollars
Réduction du temps de réponse du service client	43%	N / A

Global Partners LP (GLP) - Analyse du pilon: facteurs juridiques

Navigation des exigences complexes de conformité environnementale

En 2023, GLP a fait face à 3 enquêtes sur la conformité environnementale de l'EPA, des amendes potentielles totalisant 1,2 million de dollars. La société a investi 4,7 millions de dollars dans les mises à niveau des infrastructures de conformité environnementale pour atténuer les risques réglementaires.

Zone de réglementation	Coût de conformité	Range de pénalité potentielle
COMPOSITION DE LA COLLE AIR	1,8 million de dollars	500 000 $ - 2,3 millions de dollars
Règlement sur la loi sur l'eau propre	1,5 million de dollars	350 000 $ - 1,9 million de dollars
Manipulation des matières dangereuses	1,4 million de dollars	400 000 $ - 2,1 millions de dollars

Gestion des risques de responsabilité potentielle dans le transport et le stockage du carburant

La couverture d'assurance responsabilité civile de GLP pour le transport du carburant a atteint 250 millions de dollars en 2023, avec des coûts annuels de 8,3 millions de dollars. La société a connu 12 incidents de transport mineurs, ce qui a entraîné 1,6 million de dollars en frais de traitement des réclamations et d'assainissement.

Type d'incident	Nombre d'incidents	Coût total des réclamations
Déversement de carburant	7	$920,000
Dommage à l'équipement	3	$430,000
Retards de transport	2	$250,000

Relever les défis réglementaires dans les opérations des infrastructures énergétiques interétatiques

Commission fédérale de la réglementation de l'énergie (FERC) 2 restrictions opérationnelles imposées à l'infrastructure interétatique de GLP, nécessitant 3,9 millions de dollars de modifications des infrastructures. Les dépenses juridiques de conformité pour la procédure réglementaire ont totalisé 1,7 million de dollars en 2023.

Assurer une stricte adhésion à la sécurité et aux normes de protection de l'environnement

GLP a effectué 48 audits de sécurité interne en 2023, avec des dépenses de conformité atteignant 5,2 millions de dollars. L'entreprise a maintenu un politique de tolérance zéro Pour les violations de la sécurité, entraînant 0 incident de sécurité majeur.

Catégorie d'audit de sécurité	Fréquence d'audit	Investissement de conformité
Inspection de l'équipement	24 fois / an	2,1 millions de dollars
Formation du personnel	12 fois / an	1,8 million de dollars
Examen de la sécurité des installations	12 fois / an	1,3 million de dollars

Global Partners LP (GLP) - Analyse du pilon: facteurs environnementaux

Engagé à réduire l'empreinte carbone des opérations de distribution d'énergie

Global Partners LP a signalé une réduction de 12,7% des émissions directes de gaz à effet de serre de 2020 à 2022. Les émissions équivalentes totales de dioxyde de carbone de la société ont diminué de 87 345 tonnes métriques en 2020 à 76 245 tonnes métriques en 2022.

Année	Émissions de CO2 (tonnes métriques)	Pourcentage de réduction
2020	87,345	Base de base
2021	82,103	6.0%
2022	76,245	12.7%

Développement de stratégies de transition vers une infrastructure énergétique à faible émission

Investissement dans les infrastructures d'énergie renouvelable: Global Partners LP a alloué 24,6 millions de dollars en 2023 pour les projets de transition des énergies renouvelables, ce qui représente une augmentation de 35% par rapport à l'investissement de l'année précédente de 18,2 millions de dollars.

Année	Investissement d'énergie renouvelable	Croissance d'une année à l'autre
2022	18,2 millions de dollars	-
2023	24,6 millions de dollars	35%

Mise en œuvre de pratiques durables dans les réseaux de terminaux et de transport

Global Partners LP a amélioré 17 terminaux de transport avec des technologies économes en énergie, entraînant une réduction de 22% de la consommation d'énergie entre ces installations en 2022.

Terminaux de transport	Mises à niveau de l'efficacité énergétique	Réduction de la consommation d'énergie
Total terminaux mis à niveau	17	22%

Investir dans les technologies de surveillance environnementale et d'atténuation des risques

La société a investi 8,3 millions de dollars dans les technologies de surveillance environnementale avancées en 2023, en se concentrant sur:

• Systèmes de suivi des émissions en temps réel
• Technologies de détection de fuite avancées
• Logiciel de maintenance prédictive

Catégorie de technologie	Montant d'investissement
Systèmes de suivi des émissions	3,1 millions de dollars
Technologies de détection des fuites	2,7 millions de dollars
Logiciel de maintenance prédictive	2,5 millions de dollars
Investissement total	8,3 millions de dollars

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.