1. What does Global Partners do?
A publicly traded master limited partnership, Global is a midstream logistics and marketing company that owns, controls or has access to one of the largest terminal networks of petroleum products and renewable fuels in the Northeast. Global also is one of the largest distributors of gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers in New England and New York. The Partnership is engaged in the transportation of crude oil and other products by rail from the mid-continental U.S. and Canada to the East and West Coasts for distribution to refiners and others. With approximately 1,500 locations, primarily in the Northeast, Global also is one of the largest independent owners, suppliers and operators of gasoline stations and convenience stores.
2. Where is Global Partners located?
Our corporate headquarters are located at 800 South Street, Waltham, MA 02454, (781) 894-8800.
3. What is Global Partners’ ticker symbol?
Global Partners’ units are traded on the New York Stock Exchange under the symbol “GLP.”
4. When does Global Partners’ fiscal year end?
Global Partners is on a calendar year, ending December 31.
5. Does Global Partners have a direct unit purchase program? Can I purchase units directly from Global Partners?
No. Common units are publicly traded on the New York Stock Exchange. You may purchase units through regular retail brokerage services.
6. What is the difference between an investment in units of a publicly traded master limited partnership (an MLP) and stock in a corporation?
A partner in a publicly traded master limited partnership such as Global Partners owns units in the partnership rather than shares of stock in a corporation. Partners receive cash distributions rather than dividends. Unlike a corporation, partnerships are not subject to federal and state income taxes. Instead, all income, gains, losses and deductions of a partnership are passed through to the partners who are required to report their allocable share on their tax returns. Generally, MLPs pay out a higher amount of cash flow as distributions to unitholders compared to dividends to shareholders because net income of an MLP is taxed only at the investor level instead of at both the corporate and investor levels. While a corporate shareholder receives a Form 1099 each year reflecting tax information, a unitholder in a partnership receives a Schedule K-1 to file with their tax return, which reports the unitholders allocable share of the partnership's income, gains, losses and deductions.
7. What is the difference between a distribution and a dividend?
Unitholders of Global Partners are limited partners who are entitled to a cash distribution which is a return on their investment, whereas a dividend paid by a corporation is a payout of earnings to shareholders.
8. How are distributions taxed?
Distributions are reported on a Schedule K-1, and taxes are due on the unitholder’s allocable share of the partnerships taxable income.
9. When will Global Partners make cash distributions?
We will distribute all available cash (as defined in the partnership agreement) to unitholders of record on the applicable record date within 45 days following the end of each quarter. However, there is no guarantee that we will pay the minimum quarterly distribution on any units in any quarter.
10. How is Global Partner’s minimum quarterly cash distribution determined?
Distributions are made to the extent we have sufficient cash flow from operations after establishment of cash reserves and payment of fees and expenses, including payments to our general partner. The common units are entitled to receive the minimum quarterly distribution before any distribution is paid to Global Partners' subordinated units initially held by affiliates of our general partner. However, there is no guarantee that we will pay the minimum quarterly distribution on any units in any quarter.
Contact our transfer agent: American Stock Transfer & Trust Company, 59 Maiden Lane, New York, NY 10038.
12. Who is Global Partners’ market specialist?
Bank of America Specialists, 14 Wall Street, 21st Floor, New York, NY 10005-1901.
Contact Scott Solomon at Investor Relations, 617-542-5300.