Global Partners is a master limited partnership (MLP) that operates as a fuel distributor, terminal operator, and convenience store retailer, primarily in the Northeast U.S. The company owns or controls 54 bulk terminals along the Atlantic Coast with roughly 22.3M barrels of combined storage capacity, which can receive product by marine vessel, pipeline, and rail. This terminal network is the core of Global Partners' business model, enabling flexible sourcing from domestic refineries, Canada, Europe, and the Caribbean, and efficient distribution throughout the Northeast. Global Partners operates through three segments: Wholesale (~68% of sales), which buys, blends, stores, and resells refined petroleum products; Gasoline Distribution and Station Operations or GDSO (~26% of sales), which covers gasoline distribution to dealers and direct operation of convenience stores and fueling stations; and Commercial (~6% of sales), which sells fuel to large commercial, industrial, and marine customers. On the retail side, Global Partners operates 1,524 gasoline stations and convenience stores across the Northeast, of which 290 are company-operated. Global Partners earns money primarily on the spread between what it pays to acquire petroleum products and what it receives when it sells them. The company has invested over $528M in terminal acquisitions since late 2023, more than doubling storage capacity. As an MLP, Global Partners distributes the majority of its cash flow to unitholders, and has raised its quarterly distribution for 17 consecutive quarters as of early 2026.