Schedules Third-Quarter 2011 Financial Results Conference Call for
November 3
WALTHAM, Mass., Oct 19, 2011 (BUSINESS WIRE) --
Global Partners LP (NYSE: GLP), a leader in the storage, distribution
and marketing of gasoline, distillates and residual oil to wholesalers,
retailers and commercial customers throughout the Northeast, announced
today that the Board of Directors of its general partner, Global GP LLC,
has declared a quarterly cash distribution of $0.50 per unit ($2.00 per
unit on an annualized basis) on all of its outstanding common units for
the period from July 1 through September 30, 2011. The distribution will
be paid November 14, 2011 to unitholders of record as of the close of
business November 3, 2011.
Global Partners also reaffirmed its previously announced 2011 EBITDA
guidance of $75 million to $85 million as well as anticipated 2012
expense reductions.
"We are on track to achieve our 2011 EBITDA expectations and to reduce
core expenses by $10 million to $12 million in 2012," said Eric Slifka,
the Partnership's President and CEO. "These actions, as well as new
business opportunities, support the Partnership's goal to maintain and
increase the distribution and maximize returns to unitholders over time."
Recent Highlights
-
Global Partners has been awarded two one-year contracts to store at
its Revere, Massachusetts terminal facility a combined 500,000 barrels
of ultra low sulfur distillate for the U.S. Department of Energy's
(DOE) Northeast Home Heating Oil Reserve (NEHOR). The contracts, which
commence in the fourth quarter of 2011, are expected to generate in
the first contract year a total of $4.2 million in storage revenue for
the Partnership. The DOE has extension options for up to an additional
three years.
-
Global Partners has loaded its first unit train of Bakken crude oil in
North Dakota for rail delivery as early as next week to the
Partnership's Albany, New York terminal.
"We believe that Global's assets are uniquely positioned to take
advantage of some of the energy products, production opportunities and
related services being discovered and developed within North America,"
Slifka said. "We are enthusiastic about these and other emerging market
opportunities, such as the purchase, transportation, storage and resale
of Bakken crude, which we believe will become an important and growing
business for us."
Global Partners will provide further details about its third-quarter
2011 financial performance and its outlook during its regularly
scheduled quarterly conference call on Thursday, November 3, 2011.
Third-Quarter 2011 Conference Call
Global Partners plans to release its third-quarter financial results
before the market opens on November 3 and host a teleconference call for
analysts and investors that day at 10:00 a.m. (ET). To participate in
the call, dial (877) 709-8155 (U.S. and Canada) or (201) 689-8881
(International). The call also will be webcast live and archived on the
Global Partners website, www.globalp.com.
About Global Partners LP
Global Partners LP, a publicly traded master limited partnership based
in Waltham, Massachusetts, owns, controls or has access to one of the
largest terminal networks of refined petroleum products in the
Northeast. The Partnership is one of the largest wholesale distributors
of gasoline, distillates (such as home heating oil, diesel and kerosene)
and residual oil to wholesalers, retailers and commercial customers in
the New England states and New York. In addition, the Partnership owns
and supplies fuel to Mobil branded retail gas stations in New England,
and also supplies Mobil branded fuel to independently-owned stations.
Global Partners LP, a FORTUNE 500(R) company, trades on the New
York Stock Exchange under the ticker symbol "GLP." For additional
information, please visit www.globalp.com.
Forward-looking Statements
Some of the information contained in this news release may contain
forward-looking statements. Forward-looking statements do not relate
strictly to historical or current facts and include, without limitation,
any statement that may project, indicate or imply future results,
events, performance or achievements, and may contain the words "may,"
"believe," "should," "could," "expect," "anticipate," "plan," "intend,"
"estimate," "continue," "will likely result," or other similar
expressions. In addition, any statement made by Global Partners LP's
management concerning future financial performance (including future
revenues, earnings, EBITDA or growth rates), ongoing business strategies
or prospects and possible actions by Global Partners LP or its
subsidiaries are also forward-looking statements. Forward-looking
statements are not guarantees of performance. Although Global Partners
LP believes these forward-looking statements are based on reasonable
assumptions, statements made regarding future results are subject to a
number of assumptions, uncertainties and risks, many of which are beyond
the control of Global Partners LP, which may cause future results to be
materially different from the results stated or implied in this news
release. For additional information about risks and uncertainties that
could cause actual results to differ materially from forward-looking
statements, please refer to Global Partners LP's Annual Report on Form
10-K for the year ended December 31, 2010 and subsequent filings the
Partnership makes with the Securities and Exchange Commission. All
forward-looking statements included in this news release and all
subsequent written or oral forward-looking statements attributable to
Global Partners LP or persons acting on its behalf are expressly
qualified in their entirety by these cautionary statements. The
forward-looking statements speak only as of the date of this news
release, and Global Partners LP expressly disclaims any obligation or
undertaking to update these statements to reflect any change in its
expectations or beliefs or any change in events, conditions or
circumstances on which any forward-looking statement is based.
SOURCE: Global Partners LP
Global Partners LP
Thomas J. Hollister, 781-894-8800
Chief Operating Officer and
Chief Financial Officer
or
Edward Faneuil, 781-894-8800
Executive Vice President,
General Counsel and Secretary