Use of Non-GAAP Financial Measures This presentation contains non-GAAP financial measures relating to Global Partners. A reconciliation of these measures to the most directly comparable GAAP measures is available in the Appendix to this…
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 12.2M Barrels of Storage Capacity 388K Barrels of Product Sold Daily 1,600 Gas Stations Owned, Leased or Supplied * 290 Company-operated…
Global Meets the Northeasts Daily Energy Needs Gasoline* 785K Automobile tanks filled/day Diesel fuel 19K Diesel trucks filled/day TTM as of 6/30/2015 Heating oil 48K Homes heated/day in winter *Total gasoline volume…
History of Growth 1.7 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…
Business Overview
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…
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 Segment
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…
Wholesale Terminals Northeast Global has 11.3 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…
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, Ore. Infrastructure Two 100,000 barrel tanks Pipeline from offloading to tanks Multiple unloading stations Permitted for both crude transloading and ethanol manufacturing Served by BNSF…
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
One of the Largest Operators of Gasoline Stations and Convenience Stores in the Northeast Large gasoline station and C-store portfolio Supply 1,600 locations in 11 states 290* company-operated fuel locations and C-stores Brands…
Organization of GDSO Segment 286 Company Operated Stores 282 Commission Agents 296 Lessee Dealers 673 Contract Dealers 126 * Mobil Brand Fee Agreement *Certain locations included are classified above based on how station…
GDSO Segment is Downstream Link in Vertically Integrated Supply Chain Segment Profile Strategic Advantages Supply to 1,600 stations in total Annuity business: Rental income from Dealer Control 860 properties through fee or lease Leased…
Growth Through Organic Initiatives 2014 and 2015 Projects Include: Opened 7 Raze and Rebuilds on the Connecticut Turnpike in 14 Integrated 11 Commission Agent Mass. Turnpike locations in 14 3 additional openings on CT Turnpike in…
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…
Acquired Retail Portfolio from Capitol Petroleum Group Completed in June 2015 Expands Globals presence in two 80 Clifton Clifton Clifton Clifton Clifton Hackensack Hackensack Hackensack Hackensack Hackensack Hackensack 95…
GDSO Footprint Site Type Total Company Operated 286 Commission Agents 282 Lessee Dealer 296 TOTAL 864 Contract Dealers 673 TOTAL 1,537* Key Business Metrics Volume** Total Motor Fuel Sales (million gallons) 1,507.5 Existing…
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 35
Financial Summary
Q2 2015 Financial Performance Reflects our Diverse Business Q2 2015 GDSO product margin of 98.3M increased 56% YOY driven by the acquisition of Warren Equities Q2 2015 Wholesale product margin increased 76% YOY to 60.9M reflecting a…
Recent Annual Financial Performance Record full year net income, EBITDA, and DCF driven in part by: Unusually favorable market conditions in gasoline blendstocks in Q1 2014 Cold weather Rapidly declining gasoline prices in 2H 2014…
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 247.2 million in Excess DCF since its IPO with an average DCF coverage ratio of 1.6x since 2006 DCF Coverage Cumulative Excess Cash Flow Reinvested in GLP ( in millions) Period…
Increasing Distributions 39 consecutive quarterly cash distributions since IPO in October 2005 Current distribution of 0.6925 per unit (2.77 per unit annualized) Selected Cash Distribution History 2.77 2.55 2.35 0.6925 Q2 2015…
Balance Sheet at June 30, 2015 Tangible and liquid with receivables and inventory comprising 29% of total 268M (22%) of total debt at 6/30/15 related to inventory financing assets at 6/30/15 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 Six Months Ended Months Ended Year Ended December 31, June 30, June 30, June 30, 2009 2010 2011 2012 2013 2014 2014 2015 2014 2015…
Appendix Financial Reconciliations (In thousands) (Unaudited) Trailing Twelve Year Ended Three Months Ended Six Months Ended Months Ended December 31, June 30, June 30, June 30, 2009 2010 2011 2012 2013 2014 2014 2015 2014 2015…
Appendix Financial Reconciliations (In thousands) (Unaudited) Trailing Twelve Three Months Ended Six Months Ended Months Ended Year Ended December 31, June 30, June 30, June 30, 2005 2009 2010 2011 2012 2013 2014 2014 2015 2014…
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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