Q2 2026 Global Partners LP Earnings Call

August 7, 2026

Speaker #1: Good day, everyone, and welcome to the Global Partners second quarter 2026 financial results conference call. Today's call is being recorded. 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 Roman, and Chief Legal Officer Ms. Kristen Seabrook.

Operator: Good day, everyone, and welcome to the Global Partners Q2 2026 financial results conference call. Today's call is being recorded. 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, Ms. Kristin Seabrook. At this time, I would like to turn the call over to Ms. Seabrook for opening remarks. Please go ahead.

Operator: Good day, everyone, and welcome to the Global Partners Q2 2026 Financial Results Conference Call. Today's call is being recorded. 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, Ms. Kristin Seabrook. At this time, I would like to turn the call over to Ms. Seabrook for opening remarks. Please go ahead.

Speaker #1: At this time, I would like to turn the call over to Ms. Seabrook for opening remarks. Please go ahead.

Speaker #2: Good morning, everyone, and thank you for joining us. Today's call will include forward-looking statements within the meaning of federal security laws, including projections and expectations concerning the future financial and operational performance of Global Partners.

Kristin Seabrook: Good morning, everyone, and 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 range of business risks, uncertainties, and factors, including supply and demand, which could cause actual results to differ materially as described in our filings with the Securities and Exchange Commission. Global Partners undertakes no obligation to revise or update any forward-looking statements. Now it's my pleasure to turn the call over to our President and Chief Executive Officer, Eric Slifka. Eric?

Speaker #2: 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 range of business risks, uncertainties, and factors including supply and demand, which could cause actual results to differ materially as described in our findings with the securities and exchange commission.

Kristin Seabrook: Our assumptions and future performance are subject to a wide range of business risks, uncertainties, and factors, including supply and demand, which could cause actual results to differ materially as described in our filings with the Securities and Exchange Commission. Global Partners undertakes no obligation to revise or update any forward-looking statements. Now it's my pleasure to turn the call over to our President and Chief Executive Officer, Eric Slifka. Eric?

Speaker #2: Global Partners undertakes no obligation to revise or update any forward-looking statements. Now, it's my pleasure to turn the call over to our President and Chief Executive Officer Eric Slifka.

Speaker #2: Eric?

Speaker #3: Thank you, Kristen, and good morning, everyone. We delivered a strong second quarter with each of our operating segments contributing meaningfully and our teams executing at a high level across business.

Eric Slifka: Thank you, Kristin, and good morning, everyone. We delivered a strong Q2 with each of our operating segments contributing meaningfully and our teams executing at a high level across the business. These results underscore the strength of Global's integrated liquid energy platform and the advantage of operating across products, markets, and customers. That diversification is a competitive strength and allows us to capture value across changing market conditions and generate attractive returns. During the quarter, our Gasoline Distribution Station Operations segment benefited from improved fuel margins while our Wholesale and Commercial segment also delivered positive year-over-year growth. These results reinforce the resiliency of our model and the value of maintaining a portfolio of assets that can perform across a variety of operating environments. The core of our business is predictable, delivering steady cash flow regardless of the market.

Speaker #3: These results underscore the strength of Global's integrated liquid energy platform, and the advantage of operating across products, markets, and customers. That diversification is a competitive strength and allows us to capture value across changing market conditions and generate attractive returns.

Speaker #3: During the quarter, our gasoline distribution station operation segment benefited from improved fuel margins, while our wholesale and commercial segment also delivered positive year-over-year growth.

Eric Slifka: During the quarter, our Gasoline Distribution Station Operations segment benefited from improved fuel margins while our Wholesale and Commercial segment also delivered positive year-over-year growth. These results reinforce the resiliency of our model and the value of maintaining a portfolio of assets that can perform across a variety of operating environments. The core of our business is predictable, delivering steady cash flow regardless of the market. On top of that foundation is our ability to capture additional value when markets are dynamic.

Speaker #3: These results reinforced the resiliency of our model and the value of maintaining a portfolio of assets that can perform across a variety of operating environments.

Speaker #3: The core of our business is predictable, delivering steady cash flow regardless of the market. On top of that foundation is our ability to capture additional value when markets are dynamic, and we pursue that upside within a disciplined framework that manages our exposure as conditions shift.

Eric Slifka: On top of that foundation is our ability to capture additional value when markets are dynamic. We pursue that upside within a disciplined framework that manages our exposure as conditions shift. Against that backdrop, refined product markets remain volatile with geopolitical developments contributing to elevated price swings, increased inventory risk, and tight inventory levels. Turning briefly to our distribution, last month, our board approved a quarterly cash distribution of $0.78 per common unit, or $3.12 on an annualized basis. The distribution will be paid on 14 August to unitholders of record as of 12 August. Now let me turn the call over to Gregg for the financial review. Gregg?

Eric Slifka: We pursue that upside within a disciplined framework that manages our exposure as conditions shift. Against that backdrop, refined product markets remain volatile with geopolitical developments contributing to elevated price swings, increased inventory risk, and tight inventory levels. Turning briefly to our distribution, last month, our board approved a quarterly cash distribution of $0.78 per common unit, or $3.12 on an annualized basis. The distribution will be paid on 14 August to unitholders of record as of 12 August. Now let me turn the call over to Gregg for the financial review. Gregg?

Speaker #3: Against that backdrop, refined product markets remain volatile, with geopolitical developments contributing to elevated price swings, increased inventory risk, and tight inventory levels.

Speaker #2: Turning briefly to our distribution, last month our Board approved a quarterly cash distribution of $0.78 per common unit, or $3.12 on an annualized basis.

Speaker #2: The distribution will be paid on August 14 to unit holders of record as of August 12. Now, let me turn the call over to Greg for the financial review.

Speaker #2: Greg?

Speaker #3: Thank you, Eric, and

Gregory B. Hanson: Thank you, Eric. Good morning, everyone. As we review the numbers, unless otherwise noted, all comparisons will be with Q2 2025. Net income in Q2 2026 was $71 million versus $25.2 million in the prior year period. EBITDA was $146 million in Q2 versus $95.7 million in 2025. Adjusted EBITDA was $148.2 million compared with $98.2 million. Distributable cash flow was $92.6 million in Q2 2026 compared with $52 million. Adjusted DCF was $92.5 million versus $52.3 million. We continue to maintain healthy distribution coverage at quarter end, 2.25 times or 2.19 times after including distributions to our preferred unitholders. Moving to our segment details, GDSO segment product margin increased $37.3 million in the quarter to $245.2 million.

Gregory Hanson: Thank you, Eric. Good morning, everyone. As we review the numbers, unless otherwise noted, all comparisons will be with Q2 2025. Net income in Q2 2026 was $71 million versus $25.2 million in the prior year period. EBITDA was $146 million in Q2 versus $95.7 million in 2025. Adjusted EBITDA was $148.2 million compared with $98.2 million. Distributable cash flow was $92.6 million in Q2 2026 compared with $52 million.

Speaker #4: good morning, everyone. As we review the numbers, unless otherwise noted, all comparisons will be with the second quarter of 2025. Net income in the second quarter of '26 was $71 million versus $25.2 million in the prior year period.

Speaker #4: EBITDA was $146 million in the second quarter versus $95.7 million in '25. And adjusted EBITDA was $148.2 million, compared with $98.2 million. Distributable cash flow was $92.6 million in the second quarter of '26, compared with $52 million, and adjusted DCF was $92.5 million versus $52.3 million.

Gregory Hanson: Adjusted DCF was $92.5 million versus $52.3 million. We continue to maintain healthy distribution coverage at quarter end, 2.25 times or 2.19 times after including distributions to our preferred unitholders. Moving to our segment details, GDSO segment product margin increased $37.3 million in the quarter to $245.2 million. Product margin from gasoline distribution increased $37.1 million to $175 million, primarily reflecting higher fuel margins year over year. On a cents per gallon basis, fuel margin increased by $0.14 to $0.50 in Q2 2026 from $0.36 in Q2 2025.

Speaker #4: We continued to maintain healthy distribution coverage at quarter end, 2.25 times or 2.19 times after including distributions to our preferred unit holders. Moving to our segment details, GDSO segment, product margin increased 37.3 million in the quarter to $245.2 million.

Speaker #4: Product margin from gasoline distribution increased 37.1 million to $175 million. Primarily reflecting higher fuel margins year over year. On a cents per gallon basis, fuel margin increased by 14 cents to 50 cents in Q2 '26, from 30 cents in Q2 '25.

Gregory B. Hanson: Product margin from gasoline distribution increased $37.1 million to $175 million, primarily reflecting higher fuel margins year over year. On a cents per gallon basis, fuel margin increased by $0.14 to $0.50 in Q2 2026 from $0.36 in Q2 2025. Station operations product margin, which includes convenience store and prepared food sales, sundries, and rental income, increased $0.2 million to $70.2 million in Q2 2026. At quarter end, our GDSO portfolio of fueling stations and C stores consisted of 1,505 sites, exclusive of the 69 sites under our Spring Partners Retail LLC joint venture. Turning to our wholesale segment, Q2 product margin increased $14.8 million to $106.5 million. Product margin from gasoline and gasoline blend stocks increased $19.6 million to $78.4 million, primarily reflecting more favorable market conditions in gasoline.

Speaker #4: Station operations product margin, which includes convenience store and prepared food sales, sundries, and rental income, increased $0.2 million to $70.2 million in the second quarter of '26.

Gregory Hanson: Station operations product margin, which includes convenience store and prepared food sales, sundries, and rental income, increased $0.2 million to $70.2 million in Q2 2026. At quarter end, our GDSO portfolio of fueling stations and C stores consisted of 1,505 sites, exclusive of the 69 sites under our Spring Partners Retail LLC joint venture. Turning to our wholesale segment, Q2 product margin increased $14.8 million to $106.5 million. Product margin from gasoline and gasoline blend stocks increased $19.6 million to $78.4 million, primarily reflecting more favorable market conditions in gasoline.

Speaker #4: At quarter end, our GDSO portfolio of fueling stations and C-stores consisted of 1,505 sites, exclusive of the 69 sites under our Spring Partners retail joint venture.

Speaker #4: Turning to our wholesale segment, second quarter product margin increased 14.8 million to $106.5 million. Product margin from gasoline and gasoline blunt stocks increased 19.6 million to 78.4 million.

Speaker #4: Primarily reflecting more favorable market conditions in gasoline. Product margin from distils and other oils decreased 4.8 million to 28.1 million. Primarily due to less favorable market conditions and residual oil.

Gregory B. Hanson: Product margin from distillates and other oils decreased $4.8 million to $28.1 million, primarily due to less favorable market conditions in residual oil. In our commercial segment, product margin increased $4.4 million to $10.5 million, primarily reflecting more favorable market conditions in our bunkering group. As Eric mentioned, we are pleased with the results across our segments and our team's ability to capture value in a dynamic market environment. We continue to expect the current steep backwardation in the forward product pricing curve to increase the cost of carrying our hedged inventory in the future periods. We remain focused on disciplined inventory management, driving growth across our segments, and efficient operations. Operating expenses increased $1.1 million in Q2 to $136.8 million, reflecting higher expenses associated with our GDSO operations, offset by lower expenses related to our terminal operations.

Gregory Hanson: Product margin from distillates and other oils decreased $4.8 million to $28.1 million, primarily due to less favorable market conditions in residual oil. In our commercial segment, product margin increased $4.4 million to $10.5 million, primarily reflecting more favorable market conditions in our bunkering group. As Eric mentioned, we are pleased with the results across our segments and our team's ability to capture value in a dynamic market environment.

Speaker #4: In our Commercial segment, product margin increased $4.4 million to $10.5 million, primarily reflecting more favorable market conditions in our bunkering group. As Eric mentioned, we are pleased with the results across our segments and our team's ability to capture value in a dynamic market environment.

Speaker #4: We continue to expect the current steep backwardation in the forward product pricing curve to increase the cost of carrying our hedged inventory in the future periods.

Gregory Hanson: We continue to expect the current steep backwardation in the forward product pricing curve to increase the cost of carrying our hedged inventory in the future periods. We remain focused on disciplined inventory management, driving growth across our segments, and efficient operations. Operating expenses increased $1.1 million in Q2 to $136.8 million, reflecting higher expenses associated with our GDSO operations, offset by lower expenses related to our terminal operations.

Speaker #4: And we remain focused on disciplined inventory management, driving growth across our segments, and efficient operations. Operating expenses increased $1.1 million in the second quarter to $136.8 million, reflecting higher expenses associated with our GDSO operations.

Speaker #4: Offset by lower expenses related to our terminal operations. SG&A increased 8.3 million to 83 million, primarily due to increase in discretionary incentive comp, wages, and benefits, and other expenses.

Gregory B. Hanson: SG&A increased $8.3 million to $83 million, primarily due to increase in discretionary incentive comp, wages and benefits, and other expenses, partially offset by a decrease in professional fees. Interest expense decreased $1.4 million to $33.1 million, partly due to lower average balances on our credit facilities. CapEx in Q2 was $35 million, consisting of maintenance CapEx of $15.9 million and expansion CapEx of $19.1 million, primarily related to investments in our gasoline station business. For the full year of 2026, we continue to expect maintenance CapEx in the range of $60 million to $70 million and expansion CapEx excluding acquisitions in the range of $75 million to $85 million. Our current CapEx estimates depend in part on the timing of project completions, availability of equipment and labor, weather, and any unforeseen events or opportunities that require additional maintenance or investment. Our balance sheet remains strong.

Gregory Hanson: SG&A increased $8.3 million to $83 million, primarily due to increase in discretionary incentive comp, wages and benefits, and other expenses, partially offset by a decrease in professional fees. Interest expense decreased $1.4 million to $33.1 million, partly due to lower average balances on our credit facilities. CapEx in Q2 was $35 million, consisting of maintenance CapEx of $15.9 million and expansion CapEx of $19.1 million, primarily related to investments in our gasoline station business.

Speaker #4: Partially offset by a decrease in professional fees. Interest expense decreased $1.4 million to $33.1 million, partly due to lower average balances on our credit facilities.

Speaker #4: Capex in the second quarter was $35 million, consisting of maintenance capex of $15.9 million and expansion capex of $19.1 million, primarily related to investments in our gasoline station business.

Speaker #4: For the full year 2026, we continue to expect maintenance capex in the range of $60 million to $70 million, and expansion capex, excluding acquisitions, in the range of $75 million to $85 million.

Gregory Hanson: For the full year of 2026, we continue to expect maintenance CapEx in the range of $60 million to $70 million and expansion CapEx excluding acquisitions in the range of $75 million to $85 million. Our current CapEx estimates depend in part on the timing of project completions, availability of equipment and labor, weather, and any unforeseen events or opportunities that require additional maintenance or investment. Our balance sheet remains strong.

Speaker #4: Our current CapEx estimates include completions, availability of equipment and labor, weather, and any unforeseen events or opportunities that require additional maintenance or investment. Our balance sheet remains strong.

Speaker #4: As of June 30th, leverage as defined in our credit agreement as funded debt to EBITDA stood at 2.85 times, and we had ample excess capacity in our credit facility.

Gregory B. Hanson: As of 30 June, leverage as defined in our credit agreement as funded debt to EBITDA stood at 2.85 times, and we had ample excess capacity in our credit facility. We had $174.6 million outstanding on our working capital revolving credit facility and $103.5 million outstanding on our revolving credit facility. I'd also like to highlight on 30 July, we redeemed all the outstanding Series B fixed-rate preferred units. This accretive transaction further simplifies our capital structure and enhances our financial flexibility going forward. Let me turn the call back to Eric for closing comments. Eric?

Gregory Hanson: As of 30 June, leverage as defined in our credit agreement as funded debt to EBITDA stood at 2.85 times, and we had ample excess capacity in our credit facility. We had $174.6 million outstanding on our working capital revolving credit facility and $103.5 million outstanding on our revolving credit facility. I'd also like to highlight on 30 July, we redeemed all the outstanding Series B fixed-rate preferred units. This accretive transaction further simplifies our capital structure and enhances our financial flexibility going forward. Let me turn the call back to Eric for closing comments. Eric?

Speaker #4: We had $174.6 million outstanding on our working capital revolving credit facility and $103.5 million outstanding on our revolving credit facility. I'd also like to highlight, on July 30th, we redeemed all the outstanding Series B fixed rate preferred units.

Speaker #4: This accretive transaction further simplifies our capital structure and enhances our financial flexibility going forward. Now, let me turn the call back to Eric for closing comments.

Speaker #4: Eric?

Speaker #2: Thanks, Greg. Looking ahead, we remain focused on executing our strategy, investing thoughtfully in the business, and allocating capital to the highest-return opportunities. We believe the quality of our asset base, the dedication of our team, and the strength of our balance sheet position Global Partners LP well for the remainder of 2026 and beyond.

Eric Slifka: Thanks, Gregg. Looking ahead, we remain focused on executing our strategy, investing thoughtfully in the business, and allocating capital to the highest return opportunities. We believe the quality of our asset base, the dedication of our team, and the strength of our balance sheet position Global well for the remainder of 2026 and beyond. We are committed to delivering attractive returns for our unit holders and building value that endures over time. With that, Gregg, Mark, and I will be happy to take your questions. Operator, please open the line for Q&A.

Speaker #2: We are committed to delivering attractive returns for our unit holders and building value that endures over time. With that, Greg, Mark, and I will be happy to take your questions operator.

Speaker #2: Please open the line for Q&A.

Speaker #5: Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad.

Operator: Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. Press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Thank you. Our first question comes from the line of Gregg Brody with Bank of America. Please proceed with your question.

Speaker #5: A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue.

Speaker #5: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions.

Speaker #5: Thank you. Our first question comes from a line of Greg Brody with Bank of America. Please proceed with your question.

Gregg Brody: All right. Good morning, guys.

Speaker #6: Greg, good morning, guys.

Eric Slifka: Morning, Greg.

Speaker #3: Morning, Greg.

Speaker #6: Would you mind just talking a little bit about the consumer behavior? What you're seeing out there? Are higher prices affecting purchases at all?

Gregg Brody: Would you mind just talking a little bit about the consumer behavior, what you're seeing out there? Are higher prices affecting purchases at all?

Speaker #3: Yeah, good morning, Greg. It's Mark. I think we're seeing a little bit of that. We're seeing a little bit of impact from inflation and higher prices.

Mark Romaine: Yeah. Good morning, Greg. It's Mark. I think we're seeing a little bit of that. We're seeing a little bit of impact from inflation, higher prices. I think where that shows up is the average size of the fill-up is probably down a little bit. I wouldn't say in a material fashion, and that could be also trading down from 93 octane to 87 octane. From a store standpoint, our store sales are pretty good. Transactions may be down a shade, but we're not seeing anything material.

Speaker #3: I think where that shows up is, the average size of the fill-up is probably down a little bit. But I wouldn't say in a material fashion, and that's trading—that could be trading—also trading down from 93 octane to 87 octane.

Speaker #3: From a store standpoint, our store sales are pretty good. Transactions may be down a shade, but I wouldn't say anything material—we're not seeing anything material.

Speaker #6: Guys, I don't see it in your numbers. It is interesting. And that's continued through this first month of this quarter. Same as Q2.

Gregg Brody: Yes. I don't see it in your numbers. It is interesting. That's continued through the first month of this quarter, same as Q2.

Speaker #3: You're talking about July?

Mark Romaine: You're talking about July?

Speaker #6: This customer behavior. Yeah. Yeah, customer behavior has been.

Gregg Brody: Just customer behavior. Yeah. Customer behavior is

Mark Romaine: Yeah, I don't think we're seeing anything material different here as we enter into, or as we sit in the middle of Q3. I don't think we see anything different than we've seen for the better part of the year.

Speaker #3: Yeah, I don't think we're seeing anything materially different here as we enter into, or as we sit in the middle of, Q3. I don't think we see anything different than we've seen for the better part of the year.

Speaker #6: Got it. So, decisions depend on the profits. Historically, you paid it down and refinanced it, but it sounds like that’s a permanent decision.

Gregg Brody: Got it. Just decisions to pay down the PREF, historically, you paid it down and refinanced it sounds like that's a permanent decision. Is this just cost of capital, or is there a change in the way you're viewing your credit profile?

Speaker #6: Is that just cost of capital, or is there a change in the way you're viewing your credit profile?

Speaker #3: Yeah, I mean, I guess there's a couple of things. One, it's a very accretive. Obviously, it was at the fixed rate at 9.5%. It's a nice piece of paper.

Gregory B. Hanson: Yeah, I guess it's a couple things. One, it's very accretive. Obviously, it was at a fixed rate at 9.5%. It's a nice piece of paper. We used it for acquisitions as an equity component on acquisitions in the previous. Like the Series A, after five years when you're callable, given where our cost of capital is right now, we also produced significant amount of excess cash flow year to date. It made a lot of sense to simplify our capital structure and take it out on a very accretive basis overall. Doesn't mean we wouldn't look to the PREF equity or equity markets in the future for certain acquisitions.

Gregory Hanson: Yeah, I guess it's a couple things. One, it's very accretive. Obviously, it was at a fixed rate at 9.5%. It's a nice piece of paper. We used it for acquisitions as an equity component on acquisitions in the previous. Like the Series A, after five years when you're callable, given where our cost of capital is right now, we also produced significant amount of excess cash flow year to date. It made a lot of sense to simplify our capital structure and take it out on a very accretive basis overall. Doesn't mean we wouldn't look to the PREF equity or equity markets in the future for certain acquisitions.

Speaker #3: We had it for we used it for acquisitions as an but like the Series A, after five years, when your callable given where our cost of capital is right now and we also produced significant amount of excess cash flow year to date, and so it made a lot of sense to simplify our capital structure and take it out on a very accretive basis overall.

Speaker #3: It doesn't mean we wouldn't look to the prep equity or equity markets in the future for certain acquisitions, but given where we stand today, we've got a lot of excess capacity under our bank facilities and a very strong balance sheet, so it made a lot of sense.

Gregory B. Hanson: Given where we stand today, we've got a lot of excess capacity under our bank facilities and a very strong balance sheet, it made a lot of sense on an accretion basis to take it out.

Gregory Hanson: Given where we stand today, we've got a lot of excess capacity under our bank facilities and a very strong balance sheet, it made a lot of sense on an accretion basis to take it out.

Speaker #3: On an accretion basis to take it out.

Speaker #6: And just the last question from me. Can you just talk about the M&A environment today? What you're seeing out there, the opportunity set and the potential for you to be active?

Gregg Brody: Just the last question from me. Can you just talk about the M&A environment today? What you're seeing out there in the opportunity set and the potential for you to be active?

Speaker #3: Yeah, I think it's been busy and there's a lot that's out there. And as I've sort of always said, we're going to look for the right assets.

Eric Slifka: Yeah, I think it's been busy, and there's a lot that's out there. As I've sort of always said, we're going to look for the right assets. We should be the high bidder on assets that fit us and complement our existing asset base and we'll be in a position to try and execute on some deals.

Speaker #3: We should be the high bidder on assets that fit us and complement our existing asset base and hopefully be in a position to try and execute on some deals.

Speaker #6: All right. Thanks for your time, guys. I'll that's it for me. Appreciate it.

Gregg Brody: Great. Thanks for the time, guys. That's it for me.

Eric Slifka: Thank you, Gregg.

Speaker #5: We have reached the end of the question and answer session. Mr. Slifka, I'd like to turn the floor back over to you for closing comments.

Operator: We have reached the end of the question and answer session. Mr. Slifka, I'd like to turn the floor back over to you for closing comments.

Speaker #3: Thank you again for your time today and for your continued interest in global. We look forward to speaking with you next quarter and wish everyone a great weekend.

Eric Slifka: Thank you again for your time today and for your continued interest in Global. We look forward to speaking with you next quarter and wish everyone a great weekend. Thank you.

Speaker #3: Thank you.

Speaker #5: Ladies and gentlemen, this does conclude today's teleconference. You may disconnect. Your lines at this time. Thank you for your participation and have a wonderful day.

Operator: Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

Q2 2026 Global Partners LP Earnings Call

Request DemoDemo

Global Partners

Earnings