Global Partners Fourth Quarter 2023 Financial Results

Participants: President and Chief Executive Officer, Mr. Eric Slifka; Chief Financial Officer, Mr. Gregory Hanson; Chief Operating Officer, Mr. Mark Romaine; and Chief Legal Officer, Mr. Sean Geary.

Key Highlights:

• Acquisition of Motiva terminals and Retail JV with ExxonMobil
• Invested over $745 million in strategic assets in the past two years
• Quarterly cash distribution of $0.70 per unit approved
• Pending acquisition of refined product terminals from Gulf Oil

Financial Performance:

• Adjusted EBITDA for Q4 2023: $112.1 million
• Net Income for Q4 2023: $55.3 million
• Distributable Cash Flow for Q4 2023: $59.4 million

Segment Details:

• GDSO Product Margin: $245.4 million
• Wholesale Segment Product Margin: $51.9 million
• Commercial Segment Product Margin: $8.4 million

Financial Outlook:

• Quarterly cash distribution coverage ratio: 1.9 times
• Maintenance CapEx for 2024: $50-60 million
• Expansion CapEx for 2024: $60-70 million

Balance Sheet:

• Leverage ratio as of Dec 31: 2.86 times funded debt-to-EBITDA
• Total borrowings outstanding: $396.8 million

Future Strategy:

Global Partners aims to maintain a strong balance sheet, explore acquisition opportunities, and focus on strategic growth in key markets.