Global Partners at a Glance Master limited partnership engaged in midstream logistics and marketing Leading wholesale distributor of petroleum products One of the largest terminal networks of petroleum products and renewable fuels…
Key Investment Considerations Logistics and Infrastructure Serving Diverse Product Prolific But and Asset Mix Constrained Markets Strong Financial Experienced Profile & Increasing Management Team Distributable Cash Flow 5
Vision Leadership in gathering, storage, transportation and marketing of refined petroleum products, crude oil, renewable fuels, natural gas and NGLs. 6
Uniquely Positioned in U.S. Energy Market 25 Refined Petroleum Bulk Product Terminals 11.8M Barrels of Storage Capacity 404K Barrels of Product Sold Daily 1,500 Gas Stations Owned, Leased or Supplied * 290 Company-operated…
Global Meets the Northeasts Daily Energy Needs Gasoline* 842K Automobile tanks filled/day Diesel fuel 20K Diesel trucks filled/day TTM as of 3/31/2015 Heating oil 47K Homes heated/day in winter *Total gasoline volume…
Business History Company Origins Diversification into Expansion into Retail Rail Expansion: Crude, Ethanol and Distillates Wholesaler Transportation Fuels Gasoline Operations NGL Distribution 1933: Founded as a retail heating 2007:…
History of Growth 1.5 Billion in Acquisitions and Investments Completed 176,000 barrel storage tank Acquired three in Columbus, ND terminals Receipt, storage and Opened NGL from ExxonMobil distribution of Bakken crude facility in…
Diversified Business Mix 2005 Product Margin by Business Segment 2014 Product Margin by Business Segment 93.4M 606.1M Commercial Gasoline Distribution and Wholesale Station Operations 16% 84% 47% C-Store & Third- Wholesale party…
Wholesale, Commercial and GDSO Gasoline Distribution & Wholesale Commercial Station Operations Business overview Business overview Business overview Bulk purchase, movement, Sales and deliveries to end Distribution of branded and…
Wholesale Segment
Wholesale Terminals Northeast Global has 10.9 million bbls of terminal capacity in the Northeast Key to Terminal Type Burlington, VT: 419K bbls Distillate Wethersfield, CT: 183K bbls Ethanol Springfield, MA: 54K bbls…
Unique Origin-to-Destination Assets Form the Backbone of Rail Logistics Clatskanie, OR Terminal Basin Stampede, ND (CP) Basin Beulah, ND (BNSF) Albany, NY Terminal Storage capacity = 200K barrels Storage capacity = 726K barrels…
Albany Terminal Critical Link in North American Infrastructure Albany terminal is gateway to efficient and cost- effective receipt, storage and delivery of crude oil and other products Relationship with Canadian Pacific (CP) provides…
Logistical Advantages Expansive Asset Network Our wholesale storage, terminaling, marketing and logistics serve refiners and other customers across the country Virtual Pipeline Solution Efficiency of single line haul on Canadian…
Where We Source Barrels Edmonton, AB, Canada === Denotes CP and BNSF rail routes to GLP facilities === Denotes KCS rail route to proposed GLP facility Imports from T T Canada T T Imports from Europe Kansas City, MO…
Leveraging our Wholesale Segment to Drive Growth Key Initiatives Build-out of Mid-Continent assets Expanding crude oil gathering capabilities in Bakken through pipeline connections Completed construction of 176,000 barrels of…
Mid-Continent Assets Form Core of Virtual Pipeline Basin Stampede, ND (CP) Economically advantaged single-line long-haul to Albany 270,000-barrel storage capacity with truck-and-rail off-loading rack Completed construction of 176,000…
West Coast Destination Asset: Clatskanie, OR Infrastructure Two 100,000 barrel tanks Pipeline from offloading to tanks Pipeline from tanks to dock loading Multiple unloading stations Permitted for both crude transloading and…
Port Arthur Terminal Provides Access to Gulf Coast Capacity Global will design, build and operate unit train petroleum products and renewable energy terminal Agreement with Kansas City Southern (KCS) KCS connects with all other Class…
Gasoline Distribution & Station Operations Segment
Organization of GDSO Segment 287 Company Operated Stores 269 Commission Agents 211 Lessee Dealers 680 Contract Dealers 126 * Mobil Brand Fee Agreement *Certain locations included are classified above based on how station…
One of the Largest Operators of Gasoline Stations and Convenience Stores in the Northeast Large gasoline station and C-store portfolio Supply 1,500 locations in 11 states 290* company-operated fuel locations and C-stores Brands…
Growth Through Organic Initiatives Raze and Rebuild (R&R) Projects in 2014 Opened 7 R&Rs on the Connecticut Turnpike Integrated 11 Mass. Turnpike locations Merchandising Programs Optimizing store mix Leveraging our vendor…
GDSO Segment is Downstream Link in Vertically Integrated Supply Chain Segment Profile Strategic Advantages Supply to 1,500 stations in total Annuity business: Rental income from Dealer Control 760 properties through fee or lease Leased…
Warren Equities is Transformative Acquisition for Globals Retail Platform Completed in January 2015 Meaningfully expands scale while providing significant operational synergies and strategic options Strong footprint across 10 states in…
Key Benefits of Warren Transaction Strategic and geographic fit Increased scale and operating synergies Strong real estate portfolio Leverage supply opportunities Regionally recognized C-store and multi-branded fuel supplier…
GDSO Footprint with Warren Equities Site Type Total Company Operated 287 CommissionAgents 269 Lessee Dealer 211 TOTAL 767 Contract Dealers 680 TOTAL 1,447* Key Business Metrics Volume** Total Motor Fuel Sales (million gallons)…
Agreement to Acquire Retail Portfolio from Capitol Petroleum Group Expands Globals presence in two attractive markets Portfolio primarily of 97 Mobil- and Exxon-branded owned or leased retail gas stations and seven dealer supply…
Commercial Segment
Commercial Segment Overview Delivered fuels business commercial and industrial, as well as states, towns and municipalities Through competitive bidding process or through contracts of various terms Bunkering marine vessel fueling…
Expertise and Competitive Strengths Expertise Representative Customers Marketing, logistics and transportation Competitive strengths Reliability Terminal locations Customer base 37
Financial Summary
Q1 2015 Financial Performance Strong EBITDA and distributable cash flow Q1 2015 GDSO record product margin of 98.4M increased 85% YOY driven by acquisition of Warren Equities and favorable impact of declining gasoline prices Cold…
Strong Financial Profile Track record of growth and profitability FY 2014 ( in millions) Denotes % change from FY 2013 +169% +54% +53% +32% Net Income EBITDA DCF Product Margin 114.7 242.3 161.2 606.1 Please refer to…
Financial Growth with Consistent Profitability Product Margin EBITDA ( in millions, except cents per gallon) ( in millions, except cents per gallon) 606 622 242 228 460 371 157 136 234 0.095 0.100 182 86 161 72 0.038…
Volume and Margin Consistency/Repeatability Variability Driving cars & trucks Market and economic conditions Heating buildings and homes Weather Term contracts Seasonality Rental income and C-Store sales Station Operations Margin…
Conservative Distribution Policy Global has generated 247.3 million in Excess DCF since its IPO with an average DCF coverage ratio of 1.5x since 2006 DCF Coverage Cumulative Excess Cash Flow Reinvested in GLP ( in millions) Period…
Increasing Distributions 38 consecutive quarterly cash distributions since IPO in October 2005 Current distribution of 0.68 per unit (2.72 per unit annualized) Selected Cash Distribution History 2.72 2.50 Q1 2015 2.33 0.68…
Balance Sheet at March 31, 2015 Tangible and liquid with receivables and inventory comprising 30% of total 275M (24%) of total debt at 3/31/15 related to inventory financing assets at 3/31/15 Borrowed under working capital facility…
Warren Equities: Acquisition Multiples and Growth Drivers Acquisition price of approximately 381 million EBITDA Multiples (Total Consideration / Net of Notes) Warren EBITDA Growth Drivers ( in millions) C-Store Margin 70 6.4x / 6.0x…
Key Investment Considerations Logistics and Infrastructure Serving Diverse Product Prolific But and Asset Mix Constrained Markets Strong Financial Experienced Profile & Increasing Management Team Distributable Cash Flow…
Appendix
Appendix Financial Reconciliations (In thousands) (Unaudited) Trailing Twelve Three Months Ended Months Ended Year Ended December 31, March 31, March 31, 2009 2010 2011 2012 2013 2014 2014 2015 2015 Reconciliation of net income to…
Appendix Financial Reconciliations (In thousands) (Unaudited) Year Ended Three Months Ended December 31, March 31, 2014 2014 2015 Reconciliation of net income to distributable cash flow Net income 116,980 57,154 30,409 Net (income)…
Appendix Financial Reconciliations (In thousands) (Unaudited) Trailing Twelve Three Months Ended Months Ended Year Ended December 31, March 31, March 31, 2005 2009 2010 2011 2012 2013 2014 2014 2015 2015 Reconciliation of gross…
Appendix Financial Reconciliations Warren Equities, Inc. (In thousands) (Unaudited) Year Ended May 31, 2014 Reconciliation of net income to EBITDA Net income 7,231 Depreciation and amortization 11,545 Interest expense 51…
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