johnsyn
11 years ago
WALTHAM, Mass.--(BUSINESS WIRE)-- Global Partners LP (GLP) announced today that the Board of Directors of its general partner, Global GP LLC, has declared a quarterly cash distribution of $0.5875 per unit ($2.35 per unit on an annualized basis) on all of its outstanding common units for the period from April 1 through June 30, 2013. The distribution will be paid August 14, 2013 to unitholders of record as of the close of business August 5, 2013.
The distribution to be paid in August 2013 represents an increase of approximately 1% over the quarterly distribution of $0.5825 per unit paid in May 2013 and an increase of approximately 12% over the quarterly distribution of $0.5250 per unit paid in August 2012.
ciciagt
11 years ago
Also from the PR:
“Global Partners delivered a solid performance in the first quarter,” said Eric Slifka, the Partnership’s President and Chief Executive Officer. “Each of our business segments posted double-digit percentage gains in net product margin in the quarter. Our performance was attributable primarily to our diverse product mix, our crude logistics activities and our additional station count related to gas stations and convenience stores acquired in March 2012.”
“We have broadened our single line haul origin-to-destination network through the addition of two key assets in North Dakota and Oregon that complement our existing crude-by-rail transload, logistics and storage capabilities,” Slifka said. “Among recent initiatives, we have expanded our relationship with Phillips 66 with the signing of a take-or-pay agreement which utilizes our crude-by-rail virtual pipeline system to transport crude oil from the mid-continent of the U.S. and Canada. To support our growing crude volumes and provide sourcing and purchasing optionality for our customers, we are expanding storage capacity at our North Dakota transloading facilities to a combined 550,000 barrels. At Columbus, ND, we are expanding from 100,000 barrels to 270,000 barrels and connecting this facility to the Tesoro Logistics’ High Plains Pipeline System. In Beulah, ND, we are building 280,000 barrels of storage. In Oregon, we recently completed the acquisition of Cascade Kelly Holdings, an ethanol production and crude-by-rail transload facility, providing Global with destination assets on the East and West coasts. Currently a major oil company is transloading crude oil through the facility.”
johnsyn
11 years ago
Global Partners Forms Alliance with OsComp Systems to Supply Compressed Natural Gas to New England Businesses
WALTHAM, Mass.--(BUSINESS WIRE)--Mar. 7, 2013-- Global Partners LP (NYSE: GLP), a FORTUNE 500® midstream logistics and marketing company, has entered into an agreement with OsComp Systems, Inc. to provide compressed natural gas (CNG) via truck to commercial, industrial and municipal customers in New England.
The agreement combines Global’s unique capabilities as a leader in the supply, marketing and distribution of energy products with the technology expertise of OsComp, a privately held company based in Houston, Texas. OsComp’s proprietary compression technology is designed to dramatically reduce the energy required to compress and transport natural gas, enabling the efficient, cost-effective delivery of the product to power plants, hospitals, businesses and other large energy users that are not directly connected to the natural gas transmission and distribution grid.
“Our strategic alliance with OsComp provides us with new and innovative technologies that we believe will directly benefit our customers through reduced capital expenses, lower maintenance costs and higher efficiency, resulting in lower overall costs,” said Eric Slifka, the Partnership’s President and Chief Executive Officer. “OsComp’s technology is installed, operating and proven. Through its turnkey CNG system, OsComp is successfully delivering gas to customers in the oilfield though a natural gas virtual pipeline that includes trailers and unloaders. Utilizing OsComp’s superior technology and engineering expertise, Global and OsComp together will deliver a highly customized solution that provides safe, convenient and cost-effective access to natural gas for business customers that are not near a pipeline.”
“This relationship leverages Global’s leadership in gathering, storage, transportation and strong marketing relationships throughout the New England market to make our turnkey CNG solution commercially available to New England businesses,” said OsComp Founder and Chief Executive Officer Pedro Santos. “For large users, we believe that our CNG solutions have the potential to create an immediate energy savings of up to 30 to 40 percent. Our technology is a ‘virtual’ natural gas pipeline that benefits customers in two distinct ways. First, our system delivers better economics through decreased capital investment, lower delivered costs and fast, easy and cost efficient infrastructure development. Second, our system offers greater flexibility, allowing a customer to adjust capacity as needed. Natural gas is a clean and versatile energy source that can help make businesses more competitive.”
OsComp’s CNG virtual pipeline model incorporates its “Rapid Fill”™ compression technology. Rapid Fill enables CNG trailers to be filled in excess of four times faster than conventional filling systems. Faster turn-around time results in lower costs and thus lower energy prices for the end customer. OsComp has a broad portfolio of patented and patent-pending innovations that will reduce cost and increase efficiency of the trucked CNG system. Pending regulatory approval, the first compressor stations are planned for the summer of 2013.
eastunder
11 years ago
Global Partners Signs Agreement to Acquire West Coast Crude Oil and Ethanol Facility
Global Partners LP Global Partners LP Common Units Representing Limited Partner Interests (NYSE:GLP)
Today : Monday 28 January 2013
Global Partners LP (NYSE: GLP) today announced that it has signed an agreement to acquire 100 percent of the membership interests in a West Coast crude oil and ethanol facility near Portland, Oregon from Cascade Kelly Holdings LLC. The total purchase price is expected to be approximately $95 million. The transaction includes a rail transloading facility serviced by the BNSF Railway, 200,000 barrels of storage capacity, a deepwater marine terminal, a 1,200-foot dock and the largest ethanol plant on the West Coast. Situated along the Columbia River in Clatskanie, Oregon, the site is located on land leased under a long-term agreement from the Port of St. Helens. In November 2012, the facility began transloading unit trains of crude oil.
“This transaction capitalizes on our advantaged logistics and enables Global to supply cost-competitive crude and ethanol to refiners and customers on the West Coast,” said Eric Slifka, Global’s president and chief executive officer. “From our origination hub in the Bakken region of North Dakota, we will now have destination assets on both coasts. The Oregon site is linked via BNSF to the Basin Transload facility in Beulah, North Dakota while our Albany, NY terminal is connected via single line haul on Canadian Pacific to the Basin Transload location in Columbus, North Dakota. This facility also creates a link between the Western Canadian Sedimentary Basin and Pacific refiners. With the pending closing of our Basin Transload acquisition this quarter, these new assets increase our capability to transport crude from the U.S. and Canadian mid-continent and extend our virtual pipeline to the West.”
“Because certain regions of the West Coast energy market have limited pipeline access, the dynamics of sourcing and logistics for PADD V refiners and customers are comparable to those we see in the Northeast,” Slifka said. “As we have demonstrated to those customers, we believe that we can apply our rail and marine expertise to meet the demand for crude and ethanol on the West Coast. Given the 3.3 million barrels a day of crude refining capacity in PADD V, this facility represents an opportunity for Global to drive additional product volumes and enhance margins.”
Global’s purchase of Cascade Kelly Holdings, which has been approved by the Board of Directors of the Partnership’s general partner, Global GP LLC, is subject to customary regulatory approvals and various other customary commercial closing conditions. The purchase is expected to be completed by the end of the current quarter and is expected to be accretive to unit holders in its first full year of operation.
In addition to this transaction, this quarter Global expects to close its pending acquisition of a 60% interest in Basin Transload, LLC for approximately $80 million. To finance these transactions, Global has arranged a $115 million increase in its bank credit facility and has secured a senior unsecured five-year note of up to $70 million from funds managed by GSO Capital Partners LP, the credit arm of The Blackstone Group.
ciciagt
11 years ago
Global Partners Declares Increased Cash Distribution for the Fourth Quarter of 2012
WALTHAM, Mass.--(BUSINESS WIRE)--Jan. 22, 2013-- Global Partners LP (NYSE: GLP) announced today that the Board of Directors of its general partner, Global GP LLC, has declared a quarterly cash distribution of $0.57 per unit ($2.28 per unit on an annualized basis) on all of its outstanding common units for the period from October 1 through December 31, 2012. The distribution will be paid February 14, 2013 to unitholders of record as of the close of business February 5, 2013.
The distribution to be paid in February 2013 represents a 7% increase over the quarterly distribution of $0.5325 per unit paid in November 2012 and a 14% increase over the quarterly distribution of $0.50 per unit paid in February 2012.
http://phx.corporate-ir.net/phoenix.zhtml?c=190320&p=irol-newsArticle&ID=1776552&highlight=
ciciagt
11 years ago
From today's news release:
"Global Partners today announced that it is providing 2013 EBITDA guidance in the range of $175 million to $190 million. The Partnership previously provided 2012 EBITDA guidance in November 2012 of $115 million to $130 million. The Partnership’s guidance is based on its current business outlook as well as assumptions regarding market conditions, including demand for petroleum products and renewable fuels, weather, credit markets and the forward product pricing curve, which will influence financial results.
“We are entering 2013 with considerable momentum on a number of fronts,” said Slifka. “Our expected growth in annual EBITDA for 2013 is the result of a combination of organic growth projects, strategic acquisitions and new contract business. Going forward, we will benefit from the expansion of logistics assets in North Dakota and bringing online our new Albany propane storage facility. We also will benefit from a full year of contributions from Alliance Energy, which we acquired in March 2012, and the addition of Basin Transload following the expected completion of that transaction in the first quarter. In terms of new contract business, our growth will be supported by our recently announced long-term unitary lease with Getty Realty Corp., our ongoing management services and supply agreement with Getty Realty, and the Phillips 66 contract. We remain confident that the Partnership is well-positioned to capitalize on the many opportunities in the dynamic and rapidly evolving energy market.”
Penny Roger$
12 years ago
Global Partners LP is a master limited partnership engages in the wholesale and commercial distribution of refined petroleum products and natural gas and renewable fuels and also provides ancillary services to companies. The Company sells its refined petroleum products in two segments: Wholesale and Commercial. It owns, controls or has access to the terminal networks of refined petroleum products in Massachusetts, Maine, Connecticut, Vermont, New Hampshire, Rhode Island, New York, New Jersey and Pennsylvania (collectively, the Northeast). It owns and supplies fuel to 190 Mobil-branded retail gas stations (38 leased properties and 152 fee properties) in New England and supply Mobil-branded fuel to an additional 31 independently-owned stations. On September 30, 2010, acquired retail gas stations and supply rights from ExxonMobil Corporation. On June 2, 2010, it acquired of three refined petroleum products terminals located in Newburgh, New York from Warex Terminals Corporation.
http://www.google.com/finance?q=GLP
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