UBS MLP One-on-One Conference January 13, 2015 Q3 2014 Investor Presentation Daphne H. Foster, Chief Financial Officer Global Partners LP Mark Romaine, Chief Operating Officer
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 Critical Logistics and Infrastructure Serving Diverse Product Prolific But and Asset Mix Constrained Markets Strong Financial Experienced Profile & Increasing Management Team Distributable Cash…
Vision Leadership in gathering, storage, transportation and marketing of refined petroleum products, crude oil, renewable fuels, natural gas and propane. 6
Uniquely Positioned in U.S. Energy Market 25 Refined Petroleum Bulk Product Terminals 10.1M Barrels of Storage Capacity 450K Barrels of Product Throughput Daily 1,500 Gas Stations and Convenience Stores 8
Global Meets the Northeasts Daily Energy Needs Gasoline 912K Automobile tanks filled/day Diesel fuel 19K Diesel trucks filled/day As of 9/30/2014 Heating oil 46K Homes heated/day in winter 9
Positioned to Benefit From Domestic Energy Resurgence Refining Capacity by Region U.S. Oil and Liquid Fuels Production (mm bpd) Refining Capacity Imported Crude Imports as a 16 Region (mm bpd) (mm bpd) Percent of PADD PADD I 1.30 0.56…
History of Growth 1.6 Billion in Acquisitions and Investments Acquired three Receipt, storage and Opened propane terminals distribution of Bakken crude Completed facility in Albany from ExxonMobil oil at Global Albany Global…
Diversified Business Mix 2005 Product Margin by Business Segment 2013 Product Margin by Business Segment 93.4M 461.5M Commercial Gasoline Distribution and Wholesale Station Operations 16% 84% 50% Rent & Wholesale C-Store Crude…
Wholesale and Commercial Wholesale Commercial Business overview Business overview Bulk purchase, movement, storage and Sales and deliveries to end user customers of: sale of: Unbranded gasoline Gasoline and gasoline blendstocks…
Wholesale Terminals Northeast Global has 9.2 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 Systems Backbone Global Partners Single Line Haul, East-West Infrastructure Clatskanie, OR Terminal Basin Columbus, ND (CP) Basin Beulah, ND (BNSF) Albany, NY Terminal Storage…
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 Construction of 176,000 barrels of additional storage…
Mid-Continent Assets Form Core of Virtual Pipeline Basin Columbus, ND (CP) Economically advantaged single-line long-haul to Albany 270,000-barrel storage capacity with truck-and-rail off-loading rack Construction of 176,000 barrels of…
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 crude oil terminal Agreement with Kansas City Southern (KCS) KCS connects with all other Class I railroads in North America…
Organization of GDSO Segment 273 Company Operated Stores 272 Commission Agents 216 Dealer Leased 641 Contract Dealers 129 Mobil Brand Fee Agreement 24
One of the Largest Operators of Gasoline Stations and Convenience Stores in the Northeast Expanding gasoline station portfolio 1,500 locations in 10 states 270 company-operated locations Brands include Mobil, CITGO, Shell, Gulf and…
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 Regionally recognized C-store and multi-branded fuel supplier Quick-service restaurant presence…
Retail Footprint with Warren Equities Site Type** Global Warren Total Company Operated 126 147 273 Commission Agents 219 53 272 Dealer Leased 196 20 216 TOTAL 541 220 761 Contract Dealers 342 299 641 Mobil Brand Fee Agreement…
Financial Summary
Performance Demonstrates Diversification and Strong Growth Q3 2014 reflects higher throughput volumes through our crude oil transload facilities and strong contribution from the GDSO segment Q3 2014 crude oil product margin increased…
Strong Financial Profile & Increasing Distributable Cash Flow Track record of growth and profitability with increasing EBITDA and DCF 36 consecutive quarterly cash distributions since IPO in October 2005 Current distribution of 0.6525…
Diversified Product Margin Product Margin by Business Segment YTD as of 9/30/2014 445M Rent & Wholesale C-Store Crude 15% 22% Gasoline Distribution & Station Operations Wholesale Gasoline Wholesale 44% Distribution…
Financial Growth with Consistent Profitability Product Margin EBITDA ( in millions, except cents per gallon) ( in millions, except cents per gallon) 461 445 180 370 157 136 234 0.093 86 182 72 161 67 0.038 0.061 0.066…
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…
Conservative Distribution Policy Global has generated 194.9 million in Excess DCF since the IPO with an average DCF coverage ratio of 1.5x since 2006 DCF Coverage Cumulative Excess Cash Flow Reinvested in GLP ( in millions) Period…
Selected Distribution History 2.61 2.40 0.6525 2.13 0.60 Q3 2014 1.98 2.00 1.95 distribution of 0.5325 0.6525 0.495 0.50 0.4875 represents 8.75% annual increase Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014…
Balance Sheet at September 30, 2014 Tangible and liquid with receivables and inventory comprising 45% of total 205M (24%) of total debt at 9/30/14 related to inventory financing assets at 9/30/14 Borrowed under working capital…
Warren Equities: Acquisition Multiples and Growth Drivers Acquisition price of approximately 387 million, including working capital EBITDA Multiples (Total Consideration / Net of Notes) Warren EBITDA Growth Drivers ( in millions)…
Key Investment Considerations Critical Logistics and Infrastructure Serving Diverse Product Prolific But and Asset Mix Constrained Markets Strong Financial Experienced Profile & Increasing Management Team Distributable Cash…
Appendix
Appendix Financial Reconciliations (In thousands) (Unaudited) Trailing Twelve Three Months Ended Nine Months Ended Months Ended Year Ended December 31, September 30, September 30, September 30, 2009 2010 2011 2012 2013 2013 2014…
Appendix Financial Reconciliations (In thousands) (Unaudited) Prior year amounts for amortization of deferred financing fees have been reclassified from selling, general and administrative expenses to interest expense to conform to…
Appendix Financial Reconciliations (In thousands) (Unaudited) Trailing Twelve Three Months Ended Nine Months Ended Months Ended Year Ended December 31, September 30, September 30, September 30, 2005 2009 2010 2011 2012 2013 2013…
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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