Q3 2014 Investor Presentation Q4 Global Partners LP (NYSE: GLP)
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 11.7M Barrels of Storage Capacity 415K Barrels of Product Throughput Daily 1,500 * Gas Stations Owned, Leased or Supplied 270 **…
Global Meets the Northeasts Daily Energy Needs Gasoline 874K Automobile tanks filled/day Diesel fuel 20K Diesel trucks filled/day Heating oil 45K Homes heated/day in winter As of 12/31/2014 (prior to acquisition of…
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 1.27 0.64…
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 Acquired Boston oil at Global…
Diversified Business Mix 2005 Product Margin by Business Segment 2014 Product Margin by Business Segment 93.4M 604.0M Commercial Gasoline Distribution and Wholesale Station Operations 16% 84% 46% 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 10.8 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 Clatskanie, OR Terminal Basin Columbus, ND (CP) Basin Beulah, ND (BNSF) Albany, NY Terminal Storage capacity = 200K barrels Storage capacity = 726K barrels 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 Ongoing construction of 176,000 barrels of additional…
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 petroleum products and renewable energy terminal Agreement with Kansas City Southern (KCS) KCS connects with all other Class…
Organization of GDSO Segment 273 Company Operated Stores 272 Commission Agents 216 Dealer Leased 641 Contract Dealers 129 Data as of January 2015 Mobil Brand Fee Agreement 24
One of the Largest Operators of Gasoline Stations and Convenience Stores in the Northeast Large gasoline station and C-store portfolio* 1,500 locations in 10 states 270 company-operated locations Brands include Mobil, CITGO, Shell,…
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…
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 CommissionAgents 219 53 272 Dealer Leased 196 20 216 TOTAL 541 220 761 Contract Dealers 342 299 641 Mobil Brand Fee Agreement 129…
Financial Summary
2014 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 ( in…
Strong Financial Profile & Increasing Distributable Cash Flow Track record of growth and profitability with increasing EBITDA and DCF 37 consecutive quarterly cash distributions since IPO in October 2005 Current distribution of 0.6650…
Diversified Product Margin Product Margin by Business Segment FY 2014 604.0M Rent & Wholesale C-Store Crude 15% 24% Gasoline Distribution & Station Operations Wholesale Gasoline Wholesale 46% Distribution Distillates & 49%…
Financial Growth with Consistent Profitability Product Margin EBITDA ( in millions, except cents per gallon) ( in millions, except cents per gallon) 604 242 461 370 157 136 234 0.095 86 182 0.038 161 67 72 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 Product Margin (cents per…
Conservative Distribution Policy Global has generated 216.9 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 2.66 2.45 0.6650 2.28 0.6125 Q4 2014 2.00 2.00 1.95 0.57 distribution of 0.6650 0.50 0.50 0.4875 represents 8.57% annual increase Q4 2009 Q4 2010 Q4 2011 Q4 2012 Q4 2013 Q4 2014 Quarterly…
Balance Sheet at December 31, 2014 Tangible and liquid with receivables and inventory comprising 39% of total 100M (17%) of total debt at 12/31/14 related to inventory financing assets at 12/31/14 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) Three Months Ended Year Ended December 31, December 31, 2009 2010 2011 2012 2013 2014 2013 2014 Reconciliation of net income to EBITDA Net income (1) 34,134 27,038…
Appendix Financial Reconciliations (In thousands) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2013 2014 2013 2014 Reconciliation of net income to distributable cash flow Net income (1) 33,029 28,482…
Appendix Financial Reconciliations (In thousands) (Unaudited) Three Months Ended Year Ended December 31, December 31, 2005 2009 2010 2011 2012 2013 2014 2013 2014 Reconciliation of gross profit to product margin Wholesale…
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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