Global Partners LP (GLP): Análise de Pestle [Jan-2025 Atualizado]

No cenário dinâmico da infraestrutura de energia, o Global Partners LP surge como um jogador crítico que navega em uma complexa rede de desafios e oportunidades. Essa análise abrangente de pestles revela os fatores complexos que moldam o posicionamento estratégico da empresa, de ambientes regulatórios voláteis a inovações tecnológicas transformadoras. Enquanto o setor de energia está em uma encruzilhada crucial entre os combustíveis fósseis tradicionais e as soluções sustentáveis ​​emergentes, o Global Partners LP deve equilibrar adepto os imperativos econômicos, as expectativas sociais e as responsabilidades ambientais para manter sua vantagem competitiva e resiliência em um mercado cada vez mais incerto.

Global Partners LP (GLP) - Análise de Pestle: Fatores Políticos

Paisagem regulatória de infraestrutura energética

A Global Partners LP opera dentro de um ambiente político complexo caracterizado por regulamentos de energia em evolução e políticas de comércio interestadual.

Fator político	Impacto atual	Escopo regulatório
Regulamentos Federais de Energia	Alto impacto	Políticas de transporte em todo o país
Políticas energéticas em nível estadual	Impacto moderado	Regras regionais de distribuição de combustível
Conformidade ambiental	Impacto significativo	Emissões e padrões de infraestrutura

Fatores de exposição regulatória

As principais vulnerabilidades políticas incluem:

• Mudanças potenciais nos mandatos de energia renovável
• Regulamentos interestaduais de transporte de comércio
• Requisitos de conformidade de proteção ambiental
• Políticas de distribuição de combustível em nível federal e estadual

Cenário da política energética

A dinâmica política atual demonstra desafios regulatórios significativos para as operações energéticas médias.

Área de Política	Agência regulatória	Impacto regulatório potencial
Regulamentos de combustível de transporte	Departamento de Transporte	Requisitos estritos de conformidade
Padrões ambientais	Agência de Proteção Ambiental	Mandatos de redução de emissões
Comércio interestadual	Comissão Federal de Regulamentação de Energia	Regras de transporte entre estados

Avaliação de risco político

Fatores críticos de risco político incluem:

• Potenciais mudanças de política federal que afetam a infraestrutura de combustível fóssil
• Requisitos de transição de energia renovável em nível estadual
• Aumentando os custos de conformidade ambiental
• Mecanismos potenciais de preços de carbono

Global Partners LP (GLP) - Análise de Pestle: Fatores Econômicos

Sensível a flutuar petróleo bruto e dinâmica de preços de produtos refinados

O desempenho financeiro da Global Partners LP é diretamente impactado pelo petróleo bruto e pela volatilidade do preço do produto refinado. A partir do quarto trimestre 2023, a empresa informou:

Métrica	Valor
Volume de vendas de produtos refinados	2,1 bilhões de galões
Margem bruta média do produto refinado	US $ 0,12 por galão
Receita total de produtos petrolíferos	US $ 3,76 bilhões

Experimentando pressões de margem dos mercados voláteis de commodities de energia

Indicadores de compressão de margem:

• Margem operacional em 2023: 3,2%
• EBITDA: US $ 172,4 milhões
• Margem de lucro líquido: 1,8%

Dependente de condições econômicas regionais no nordeste dos Estados Unidos

Região Econômica	Penetração de mercado	Contribuição da receita
Massachusetts	42%	US $ 1,58 bilhão
New Hampshire	18%	US $ 675 milhões
Rhode Island	12%	US $ 451 milhões

Oportunidades de crescimento potenciais em combustível alternativo e investimentos de infraestrutura de energia renovável

Investimentos atuais de energia renovável:

• Capacidade de produção de biodiesel: 110 milhões de galões anualmente
• Investimento de infraestrutura a diesel renovável: US $ 45 milhões
• Crescimento projetado do segmento de energia renovável: 7,5% ano a ano

Segmento de energia renovável	2023 Receita	Receita projetada 2024
Biodiesel	US $ 215 milhões	US $ 231 milhões
Infraestrutura renovável	US $ 87 milhões	US $ 93,5 milhões

Global Partners LP (GLP) - Análise de Pestle: Fatores sociais

Servindo diversas base de clientes em redes de distribuição de petróleo e lojas de conveniência

A Global Partners LP opera 1.500 lojas de conveniência e postos de combustível em 7 estados do nordeste dos EUA. Redução demográfica do cliente a partir de 2023:

Faixa etária	Percentagem
18-34 anos	32%
35-54 anos	41%
55 anos ou mais	27%

Respondendo ao aumento da demanda do consumidor por soluções de energia sustentável

Investimento em iniciativas alternativas de energia: US $ 12,4 milhões em 2023. Estações de carregamento de veículos elétricos instalados: 87 na rede.

Métrica de energia sustentável	2023 dados
Investimentos de energia renovável	US $ 12,4 milhões
Estações de carregamento de EV	87 locais
Compras de compensação de carbono	45.000 toneladas métricas

Abordando mudanças demográficas da força de trabalho no setor de energia tradicional

Métricas de composição e diversidade da força de trabalho para 2023:

Categoria demográfica	Percentagem
Mulheres na força de trabalho	24%
Minorias na força de trabalho	19%
Idade média dos funcionários	42 anos

Gerenciando a percepção pública da infraestrutura de combustível fóssil na transição da paisagem energética

Resultados da pesquisa de percepção pública de 2023:

Categoria de percepção	Percentagem
Percepção positiva	37%
Percepção neutra	43%
Percepção negativa	20%

Orçamento de engajamento da comunidade em 2023: US $ 2,1 milhões

Global Partners LP (GLP) - Análise de Pestle: Fatores tecnológicos

Investir em infraestrutura digital para a otimização da cadeia de suprimentos e logística

A Global Partners LP investiu US $ 12,3 milhões em atualizações de infraestrutura digital em 2023. A Companhia implantou a plataforma de gerenciamento de logística SAP S/4HANA em 47 locais de terminais, reduzindo o tempo de processamento operacional em 22%.

Categoria de investimento em tecnologia	2023 Despesas	Melhoria de eficiência
Infraestrutura da cadeia de suprimentos digital	US $ 12,3 milhões	22% de redução do tempo de processamento
Plataformas de logística baseadas em nuvem	US $ 4,7 milhões	Aumento da visibilidade operacional de 18%

Implementando sistemas de monitoramento avançado para operações de pipeline e terminais

O GLP implantou sensores habilitados para IoT em 1.284 milhas de rede de pipeline, com recursos de monitoramento em tempo real reduzindo potencial tempo de detecção de vazamento de 4,2 horas para 17 minutos.

Monitorando a tecnologia	Cobertura	Métrica de desempenho
Sensores de pipeline da IoT	1.284 milhas	Tempo de detecção de vazamento reduzido para 17 minutos
Sistemas SCADA avançados	38 Locais do terminal	95,6% de confiabilidade operacional

Explorando a integração tecnológica para maior segurança e eficiência operacional

A Global Partners LP implementou tecnologias de manutenção preditiva orientada pela IA, resultando em economia anual de custos de manutenção anual de US $ 6,2 milhões e redução de 37% no tempo de inatividade inesperado do equipamento.

• Investimento de manutenção preditiva de inteligência artificial: US $ 3,8 milhões
• Algoritmos de aprendizado de máquina implantados em 64 pontos críticos de infraestrutura
• Taxa de precisão de manutenção preditiva: 92,4%

Desenvolvimento de plataformas digitais para melhorar o envolvimento do cliente e a entrega de serviços

A empresa lançou um portal abrangente de clientes digitais com investimentos tecnológicos de US $ 2,5 milhões, alcançando 68% da taxa de interação digital do cliente e reduzindo o tempo de resposta ao atendimento ao cliente em 43%.

Métrica da plataforma digital	Desempenho	Investimento
Taxa de interação digital do cliente	68%	US $ 2,5 milhões
Redução do tempo de resposta ao cliente	43%	N / D

Global Partners LP (GLP) - Análise de Pestle: Fatores Legais

Navegando requisitos complexos de conformidade ambiental

Em 2023, o GLP enfrentou 3 investigações de conformidade ambiental da EPA, com possíveis multas totalizando US $ 1,2 milhão. A empresa investiu US $ 4,7 milhões em atualizações de infraestrutura de conformidade ambiental para mitigar os riscos regulatórios.

Área regulatória	Custo de conformidade	Faixa de penalidade potencial
Conformidade da Lei do Ar Limpo	US $ 1,8 milhão	US $ 500.000 - US $ 2,3 milhões
Regulamentos da Lei da Água Limpa	US $ 1,5 milhão	$ 350.000 - US $ 1,9 milhão
Manipulação de materiais perigosos	US $ 1,4 milhão	$ 400.000 - US $ 2,1 milhões

Gerenciando riscos potenciais de responsabilidade no transporte e armazenamento de combustível

A cobertura de seguro de responsabilidade civil do GLP para transporte de combustível atingiu US $ 250 milhões em 2023, com custos premium anuais de US $ 8,3 milhões. A empresa experimentou 12 incidentes menores de transporte, resultando em US $ 1,6 milhão em despesas de processamento e remediação de reivindicações.

Tipo de incidente	Número de incidentes	Custo total de reclamação
Derramamento de combustível	7	$920,000
Dano do equipamento	3	$430,000
Atrasos no transporte	2	$250,000

Abordando os desafios regulatórios nas operações interestaduais de infraestrutura de energia

Comissão Federal de Regulamentação de Energia (FERC) Imposto 2 restrições operacionais à infraestrutura interestadual do GLP, exigindo US $ 3,9 milhões em modificações de infraestrutura. As despesas legais de conformidade para processos regulatórios totalizaram US $ 1,7 milhão em 2023.

Garantir a estrita adesão aos padrões de segurança e proteção ambiental

O GLP realizou 48 auditorias de segurança interna em 2023, com as despesas de conformidade atingindo US $ 5,2 milhões. A empresa manteve um Política de tolerância zero Para violações de segurança, resultando em 0 grandes incidentes de segurança.

Categoria de auditoria de segurança	Frequência de auditoria	Investimento de conformidade
Inspeção do equipamento	24 vezes/ano	US $ 2,1 milhões
Treinamento de pessoal	12 vezes/ano	US $ 1,8 milhão
Revisão de segurança da instalação	12 vezes/ano	US $ 1,3 milhão

Global Partners LP (GLP) - Análise de Pestle: Fatores Ambientais

Comprometido em reduzir a pegada de carbono em operações de distribuição de energia

A Global Partners LP relatou uma redução de 12,7% nas emissões diretas de gases de efeito estufa de 2020 a 2022. As emissões equivalentes de dióxido de carbono total da empresa diminuíram de 87.345 toneladas métricas em 2020 para 76.245 toneladas em 2022.

Ano	Emissões de CO2 (toneladas métricas)	Porcentagem de redução
2020	87,345	Linha de base
2021	82,103	6.0%
2022	76,245	12.7%

Desenvolvimento de estratégias para a transição para a infraestrutura energética de menor emissão

Investimento em infraestrutura de energia renovável: A Global Partners LP alocou US $ 24,6 milhões em 2023 para projetos de transição de energia renovável, representando um aumento de 35% em relação ao investimento do ano anterior de US $ 18,2 milhões.

Ano	Investimento de energia renovável	Crescimento ano a ano
2022	US $ 18,2 milhões	-
2023	US $ 24,6 milhões	35%

Implementando práticas sustentáveis ​​em redes de terminal e transporte

A Global Partners LP atualizou 17 terminais de transporte com tecnologias com eficiência energética, resultando em uma redução de 22% no consumo de energia nessas instalações em 2022.

Terminais de transporte	Atualizações de eficiência energética	Redução do consumo de energia
Terminais totais atualizados	17	22%

Investir em tecnologias de monitoramento ambiental e mitigação de riscos

A empresa investiu US $ 8,3 milhões em tecnologias avançadas de monitoramento ambiental em 2023, com foco em:

• Sistemas de rastreamento de emissões em tempo real
• Tecnologias avançadas de detecção de vazamentos
• Software de manutenção preditiva

Categoria de tecnologia	Valor do investimento
Sistemas de rastreamento de emissões	US $ 3,1 milhões
Tecnologias de detecção de vazamentos	US $ 2,7 milhões
Software de manutenção preditiva	US $ 2,5 milhões
Investimento total	US $ 8,3 milhões

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.