Global Partners LP (GLP): Modelo de Negócios Canvas [Jan-2025 Atualizado]

O Global Partners LP (GLP) é uma potência dinâmica de distribuição de energia, transformando o cenário complexo da logística de petróleo por meio de um modelo de negócios inovador e estrategicamente criado. Ao integrar perfeitamente infraestrutura sofisticada, parcerias estratégicas e fluxos de receita diversificados, o GLP se posicionou como um participante crítico na cadeia de suprimentos de energia, fornecendo soluções de combustível confiáveis ​​nos mercados comerciais e de varejo com eficiência e adaptabilidade incomparáveis.

Global Partners LP (GLP) - Modelo de Negócios: Principais Parcerias

Refinarias de petróleo e terminais

A Global Partners LP mantém parcerias estratégicas com várias refinarias de petróleo e terminais no nordeste dos Estados Unidos.

Parceiro	Localização	Volume anual
Óleo Irving	Saint John, New Brunswick	1,2 milhão de barris por ano
Buckeye Partners	Nova Iorque	850.000 barris por ano

Empresas de caminhões e transporte

O GLP colabora com parceiros de transporte especializados para distribuição de combustível.

• XPO Logistics
• J.B. Hunt Transport Services
• Transporte Trimac

Parceiro de transporte	Milhas anuais cobertas	Tamanho da frota
XPO Logistics	2,3 milhões de milhas	125 caminhões dedicados
J.B. Hunt	1,8 milhão de milhas	95 caminhões dedicados

Loja de conveniência e redes de postos de gasolina

A Global Partners LP faz parceria com extensas redes de lojas de conveniência.

• Cumberland Farms
• 7-Eleven
• Speedway

Rede de parceiros	Locais totais	Vendas anuais de combustível
Cumberland Farms	595 locais	US $ 1,2 bilhão
Speedway	3.600 locais	US $ 3,8 bilhões

Empresas de distribuição e logística de energia

O GLP mantém parcerias críticas na infraestrutura de distribuição de energia.

• Lubrientes especializados de Axeon
• Vitol Inc.
• Serviços de combustível mundial

Parceiro de logística	Volume anual de distribuição	Duração da parceria
Vitol Inc.	12,5 milhões de barris	8 anos
Serviços de combustível mundial	9,3 milhões de barris	6 anos

Global Partners LP (GLP) - Modelo de negócios: Atividades -chave

Distribuição de produtos petrolíferos

A Global Partners LP distribui aproximadamente 1,6 bilhão de galões de produtos refinados anualmente em todo o nordeste dos Estados Unidos.

Categoria de produto	Volume anual de distribuição	Cobertura de mercado
Gasolina	875 milhões de galões	11 estados do nordeste
Combustível diesel	425 milhões de galões	Massachusetts, New Hampshire, Maine
Óleo de aquecimento	300 milhões de galões	Região da Nova Inglaterra

Transporte de combustível e armazenamento

A Global Partners opera uma infraestrutura abrangente de transporte e armazenamento.

• Capacidade total de armazenamento: 5,4 milhões de barris
• 25 terminais estrategicamente localizados
• Rede de transporte ferroviário e de caminhão

Operações de terminal e gerenciamento de logística

A empresa gerencia logística complexa em várias instalações.

Tipo de terminal	Número de instalações	Regiões geográficas
Terminais de petróleo a granel	18	Nordeste dos Estados Unidos
Instalações de mistura de combustível	7	Massachusetts, New Hampshire

Negociação de energia e distribuição por atacado

Os parceiros globais se envolvem em estratégias sofisticadas de negociação de energia.

• Volume anual de negociação por atacado: 2,1 bilhões de galões
• Negociação em 12 estados do nordeste
• Receita no atacado: US $ 3,6 bilhões em 2023

Vendas e marketing de combustível de varejo

A empresa mantém uma extensa rede de vendas de combustíveis no varejo.

Segmento de varejo	Número de locais	Vendas anuais no varejo
Lojas de conveniência da marca	277	US $ 1,2 bilhão
Postos de combustível sem marca	150	US $ 675 milhões

Global Partners LP (GLP) - Modelo de negócios: Recursos -chave

Extensa infraestrutura de distribuição de petróleo

A Global Partners LP opera uma rede abrangente de distribuição de petróleo com os seguintes detalhes da infraestrutura:

Componente de infraestrutura	Quantidade/capacidade
Terminais totais	49 terminais
Capacidade total de armazenamento	8,5 milhões de barris
Cobertura geográfica	Nordeste dos Estados Unidos

Terminal estratégico e rede de pipeline

Os principais ativos do terminal e do pipeline incluem:

• 49 terminais estrategicamente localizados
• Conexões de pipeline em vários estados
• Infraestrutura de transporte integrado

Frota de veículos de transporte

Tipo de veículo	Número
Caminhões -tanques	280 caminhões
Vagões	150 vagões

Relacionamentos de fornecedor de combustível

Relacionamentos principais do fornecedor com:

• ExxonMobil
• Concha
• Bp

Recursos de logística e negociação avançados

Capacidade de negociação	Detalhe
Volume de negociação anual	2,1 bilhões de galões
Mercados comerciais	Gasolina, diesel, combustível residual

Global Partners LP (GLP) - Modelo de negócios: proposições de valor

Distribuição de produtos de energia confiável

A Global Partners LP distribui aproximadamente 2,4 bilhões de galões de produtos refinados de petróleo anualmente em todo o nordeste dos Estados Unidos. A empresa opera 1.500 milhas de oleodutos e terminais refinados com capacidade de armazenamento de 7,5 milhões de barris.

Categoria de produto	Volume anual de distribuição	Cobertura de mercado
Gasolina	1,1 bilhão de galões	Nordeste dos EUA
Combustível diesel	850 milhões de galões	Nordeste dos EUA
Óleo de aquecimento	450 milhões de galões	Nordeste dos EUA

Soluções abrangentes da cadeia de suprimentos de combustível

Global Partners gerencia uma complexa rede de cadeia de suprimentos envolvendo:

• 49 terminais em 6 estados
• Múltiplos modos de transporte, incluindo caminhão, ferrovia e marinho
• Relacionamentos diretos com 15 principais refinarias de petróleo

Preços competitivos para produtos petrolíferos

A estratégia média de preços mantém as margens entre 5-8% nas linhas de produtos, com taxas de atacado competitivas que flutuam com base nas condições do mercado.

Tipo de produto	Margem média no atacado	Competitividade de preços
Gasolina	6.2%	Dentro de 2-3 centavos da média de mercado
Diesel	5.7%	Dentro de 1-2 centavos de média de mercado

Logística de energia regional eficiente

A infraestrutura de logística inclui:

• Frota de 350 caminhões de transporte dedicados
• Parcerias com mais de 200 empresas de caminhões independentes
• Sistema de rastreamento de logística em tempo real

Diversas opções de entrega de combustível para mercados comerciais e de varejo

Os parceiros globais atendem a vários segmentos de mercado com abordagens de entrega especializadas:

• Serviços de abastecimento de frota comercial
• Fornecimento de postos de gasolina de varejo
• Distribuição por atacado para varejistas regionais
• Serviços de entrega de óleo de aquecimento doméstico

Segmento de mercado	Volume anual de vendas	Quota de mercado
Frotas comerciais	680 milhões de galões	22%
Postos de gasolina de varejo	950 milhões de galões	18%
Aquecimento doméstico	450 milhões de galões	35%

Global Partners LP (GLP) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de fornecimento de combustível comercial de longo prazo

A Global Partners LP mantém 2.100 acordos ativos de fornecimento de combustível a longo prazo nos setores de transporte, industrial e agrícola. A duração média do contrato é de 3,7 anos, com valores anuais de contrato que variam de US $ 500.000 a US $ 7,2 milhões.

Tipo de contrato	Número de contratos	Valor médio anual
Setor de transporte	872	US $ 2,3 milhões
Setor industrial	645	US $ 4,1 milhões
Setor agrícola	583	US $ 1,9 milhão

Gerenciamento de contas personalizado

A Global Partners LP emprega 126 profissionais de gerenciamento de contas dedicados que atendem a clientes em nível de empresa. O portfólio médio de clientes por gerente de contas é de 17 clientes.

Plataformas de pedidos e rastreamento de combustível digital

Métricas de uso da plataforma digital para 2023:

• Total de usuários de plataforma digital registrada: 4.287
• Usuários mensais da plataforma digital ativa: 3.215
• Volume de transação digital: US $ 412 milhões anualmente
• Valor médio da transação digital: US $ 128.500

Suporte ao cliente para clientes de atacado e varejo

Canal de suporte	Volume de contato anual	Tempo médio de resposta
Suporte telefônico	87.500 ligações	12 minutos
Suporte por e -mail	64.300 e -mails	4 horas
Chat online	42.600 interações	7 minutos

Programas de fidelidade para clientes comerciais

Estatísticas do programa de fidelidade para 2023:

• Total de clientes comerciais inscritos: 1.842
• Receita anual do programa de fidelidade: US $ 87,3 milhões
• Gastes médios do programa de fidelidade: US $ 47.400
• Taxa de retenção de clientes através do programa de fidelidade: 68%

Global Partners LP (GLP) - Modelo de Negócios: Canais

Equipes de vendas diretas

A Global Partners LP mantém uma força de vendas direta dedicada de 87 representantes de vendas profissionais a partir de 2023, visando clientes de combustível comercial e industrial em 11 mercados do nordeste dos Estados Unidos.

Métrica do canal de vendas	2023 dados
Total de representantes de vendas diretas	87
Cobertura do mercado geográfico	11 estados do nordeste
Volume anual de vendas através da equipe direta	US $ 672 milhões

Plataformas de pedidos de combustível online

A Global Partners LP opera uma plataforma de pedidos de combustível digital que atende 3.425 contas comerciais em 2023.

• Volume anual de transação da plataforma digital: 42.680 transações
• Valor médio da transação: US $ 15.740
• Taxa de crescimento do usuário da plataforma: 18,3% ano a ano

Redes de distribuição por atacado

A empresa gerencia uma rede de distribuição por atacado abrangente em 14 estados.

Métrica de distribuição por atacado	2023 dados
Centros de distribuição total	22
Estados servidos	14
Volume anual de distribuição por atacado	1,2 bilhão de galões

Parcerias de postos de gasolina de varejo

A Global Partners LP mantém parcerias estratégicas com 1.364 postos de gasolina em 2023.

• Locais totais de parceiros de varejo: 1.364
• Acordos de fornecimento de combustível de marca: 976
• Vendas anuais de combustível de varejo: US $ 3,7 bilhões

Aplicativos de gerenciamento de combustível móvel

A empresa lançou um aplicativo de gerenciamento de combustível móvel em 2022 com 6.742 usuários comerciais ativos até 2023.

Métrica de aplicativo móvel	2023 dados
Usuários comerciais ativos	6,742
Transações anuais através do aplicativo móvel	28,345
Valor médio da transação via plataforma móvel	$12,560

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

Empresas de transporte comercial

A Global Partners LP serve empresas de transporte comercial com serviços de distribuição e logística de combustível.

Característica do segmento	Detalhes específicos
Total de clientes de frota	Mais de 500 empresas de transporte comercial
Volume anual de combustível	Aproximadamente 1,8 bilhão de galões de diesel e gasolina
Cobertura geográfica	Nordeste dos Estados Unidos principalmente

Cadeias de lojas de conveniência

O GLP suporta várias redes de lojas de conveniência com redes de fornecimento e distribuição de combustível.

• Número de clientes da cadeia de lojas de conveniência: 127
• Fornecimento médio anual de combustível por cadeia: 15,2 milhões de galões
• Sites de varejo totais servidos: 1.200 locais

Empresas industriais e de manufatura

A Global Partners fornece soluções de combustível e energia para clientes do setor industrial.

Tipo de cliente	Consumo anual de combustível
Clientes de fabricação	275 milhões de galões
Setor de construção	92 milhões de galões

Operações Agrícolas

O GLP suporta empresas agrícolas com serviços especializados de distribuição de combustível.

• Total de clientes agrícolas: 86
• Fornecimento anual de combustível agrícola: 45,6 milhões de galões
• Regiões primárias: Estados do nordeste e meio do Atlântico

Consumidores de combustível de varejo

Os parceiros globais atendem aos consumidores individuais de combustível de varejo através de vários canais de distribuição.

Segmento do consumidor	Volume anual
Consumidores de gasolina no varejo	620 milhões de galões
Consumidores a diesel de varejo	240 milhões de galões

Global Partners LP (GLP) - Modelo de negócios: estrutura de custos

Despesas de aquisição de combustível

A partir de 2023, a Global Partners LP relatou custos de aquisição de combustível de US $ 9,4 bilhões, representando aproximadamente 78% do total de despesas operacionais.

Tipo de combustível	Custo anual de compras	Porcentagem do total de despesas de combustível
Gasolina	US $ 4,2 bilhões	44.7%
Diesel	US $ 3,6 bilhões	38.3%
Óleo de aquecimento	US $ 1,6 bilhão	17%

Custos de transporte e logística

As despesas de transporte de 2023 totalizaram US $ 672 milhões, com a seguinte quebra:

• Custos operacionais da frota de caminhões: US $ 423 milhões
• Transporte de pipeline: US $ 189 milhões
• Transporte ferroviário: US $ 60 milhões

Manutenção de infraestrutura

Os custos de manutenção de infraestrutura em 2023 foram de US $ 214 milhões, distribuídos:

Categoria de infraestrutura	Despesas de manutenção
Terminais e instalações de armazenamento	US $ 127 milhões
Centros de distribuição	US $ 54 milhões
Manutenção do equipamento	US $ 33 milhões

Pessoal e sobrecarga operacional

O pessoal total e a sobrecarga operacional para 2023 foi de US $ 198 milhões:

• Salários e salários: US $ 142 milhões
• Benefícios dos funcionários: US $ 36 milhões
• Treinamento e desenvolvimento: US $ 8 milhões
• Despesas administrativas: US $ 12 milhões

Investimentos de tecnologia e plataforma digital

Os investimentos em tecnologia em 2023 totalizaram US $ 47 milhões:

Categoria de tecnologia	Valor do investimento
Desenvolvimento da plataforma digital	US $ 22 milhões
Segurança cibernética	US $ 15 milhões
Sistemas de análise de dados	US $ 10 milhões

Global Partners LP (GLP) - Modelo de negócios: fluxos de receita

Distribuição de combustível por atacado

Em 2023, a Global Partners LP relatou receitas de distribuição de combustível por atacado de US $ 4,92 bilhões. A empresa distribuiu aproximadamente 2,1 bilhões de galões de produtos refinados no nordeste dos Estados Unidos.

Categoria de produto	Volume (galões)	Receita ($)
Gasolina	1,050,000,000	2,467,500,000
Diesel	630,000,000	1,512,000,000
Óleo de aquecimento	420,000,000	946,000,000

Vendas de combustível de varejo

As vendas de combustíveis de varejo geraram US $ 1,38 bilhão em 2023, com 203 lojas de conveniência e postos de gasolina.

• Margem média de combustível de varejo: US $ 0,22 por galão
• Volume total de combustível de varejo: 620 milhões de galões
• Vendas de mercadorias da loja de conveniência: US $ 215 milhões

Taxas de uso de terminais

As taxas de uso de terminais geraram US $ 87,5 milhões em 2023, com 31 terminais ativos em toda a região nordeste.

Localização do terminal	Número de terminais	Receita de taxa de uso ($)
Massachusetts	9	25,750,000
Nova Iorque	7	19,950,000
Outros estados do nordeste	15	41,800,000

Lucros de negociação de energia

As atividades de negociação de energia geraram US $ 62,3 milhões em lucros durante 2023.

• Volume de negociação de petróleo bruto: 180 milhões de barris
• Volume de negociação de gás natural: 95 milhões de MMBTU
• Margem de negociação média: 0,35% por transação

Serviços de logística e transporte

Os serviços de logística e transporte produziram US $ 145,6 milhões em receita para 2023.

Categoria de serviço	Receita ($)	Porcentagem de total
Serviços de caminhões	82,300,000	56.5%
Serviços de armazenamento	38,700,000	26.6%
Corretagem de transporte	24,600,000	16.9%

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

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

Reliable, integrated supply chain for liquid energy products.

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

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

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

Guest-focused convenience retail experience at station operations.

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

Flexibility in sourcing and distribution to navigate market volatility.

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

High-volume throughput capacity at strategic terminal locations.

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

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

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

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

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

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

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

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

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

The relationship structure for these segments is highly collaborative:

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

Automated, self-service transactions at retail fueling locations.

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

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

New loyalty platform to drive repeat business and guest connection.

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

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

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

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

Dedicated account management for large commercial customers.

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

Relationship-driven service for independent retailers.

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

Finance: draft 13-week cash view by Friday.

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

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

Liquid energy terminals for bulk storage and transfer

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

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

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

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

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

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

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

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

Branded and unbranded retail gasoline stations/convenience stores

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

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

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

Direct-to-customer marine bunkering operations

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

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

Digital platforms for the new customer loyalty program

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

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

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

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

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

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

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

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

Independent gasoline retailers and dealers (wholesale segment).

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

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

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

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

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

End-consumers at convenience stores and fueling stations.

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

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

Institutional investors seeking MLP distributions.

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

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

Other energy wholesalers and distributors.

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

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

Finance: draft 13-week cash view by Friday.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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