Q4 2024 Global Partners LP Earnings Call Transcript
Key Points
- Global Partners LP (GLP) successfully integrated 30 new terminals, significantly expanding their storage capacity to approximately 22 million barrels.
- The company secured a 25-year take-or-pay contract with Motiva Enterprises, enhancing their long-term revenue stability.
- Both the Wholesale and GDSO segments demonstrated robust growth, with significant increases in product margins.
- The company declared its 13th consecutive quarterly distribution increase, reflecting a strong financial position.
- Global Partners LP (GLP) maintains a strong balance sheet with ample capacity in their credit facilities, positioning them well for future growth opportunities.
- Adjusted EBITDA for Q4 2024 decreased to $97.8 million from $112.1 million in the same period of 2023.
- GDSO product margin decreased by $31.8 million in the quarter, primarily due to lower fuel margins year-over-year.
- Interest expenses increased significantly to $34.4 million in Q4 2024, primarily due to new senior notes and higher credit facility balances.
- Operating expenses rose by $12.1 million in Q4 2024, reflecting the addition of new terminals.
- The potential implementation of tariffs on oil and gas imports creates uncertainty and could increase supply costs.
Good day, everyone, and welcome to the Global Partners fourth quarter and full-year 2024 financial results conference call. Today's call is being recorded. (Operator Instructions)
With us from Global Partners are President and Chief Executive Officer, Mr. Eric Slifka; Chief Financial Officer, Mr. Gregory Hanson; Chief Operating Officer, Mr. Mark Romaine; and Chief Legal Officer and Secretary, Mr. Sean Geary.
At this time, I would like to turn the call over to Mr. Geary for opening remarks. Please go ahead, sir.
Good morning, everyone. Thank you for joining us. Today's call will include forward-looking statements within the meaning of federal securities laws, including projections and expectations concerning the future financial and operational performance of Global Partners. No assurances can be given that these projections will be attained or that these expectations will be met.
Our assumptions and future performance are subject to a wide
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