ARKO Petroleum is a wholesale fuel distributor that spun out of convenience store operator ARKO Corp via an IPO in early 2026. The company distributes roughly 2.0 billion gallons of fuel per year across approximately 3,500 locations in over 30 states. ARKO Petroleum operates through three segments: Wholesale, which supplies fuel to roughly 2,100 third-party dealer sites; GPMP, the exclusive fuel supply arrangement with ARKO Corp's retail convenience store network; and Fleet Fueling, which operates cardlock (unstaffed) fueling sites and issues proprietary fuel cards accepted at over 320,000 locations nationwide. ARKO Petroleum buys fuel from refiners at the terminal gate price and distributes it to customers using owned and third-party trucks. The core business model is a fixed cents-per-gallon margin — ARKO Petroleum earns a set amount per gallon distributed, largely insulated from commodity price movements. In the wholesale segment, contracts are either cost-plus (fixed markup above rack price) or consignment (ARKO Petroleum controls retail pricing and splits profit with the dealer). In GPMP, ARKO Petroleum charges ARKO Corp a fixed adder per gallon above cost, providing highly predictable cash flow. Fleet fueling is the highest-margin segment, as cardlock sites are capital-light and unstaffed. Growth is driven by adding dealer and fleet accounts, ARKO Corp store openings and acquisitions that automatically become GPMP customers, and M&A of smaller regional distributors. ARKO Petroleum positions itself as a return-of-capital vehicle, targeting sustainable and growing dividends over time.