View all news

Global Partners Announces Agreement to Sell Natural Gas and Electricity Businesses to Sprague Resources LP

January 03, 2017

WALTHAM, Mass.--(BUSINESS WIRE)--Jan. 3, 2017-- Global Partners LP (NYSE:GLP) (“the Partnership”) today announced that its wholly owned subsidiary, Global Companies LLC (“Global”), has signed a definitive agreement to sell its natural gas marketing and electricity brokerage businesses to Sprague Resources LP for approximately $17.3 million in cash, subject to customary closing adjustments. The transaction is expected to close in the first quarter of 2017.

“The sale of our natural gas marketing and electricity brokerage businesses reflects our ongoing program to monetize assets that are not fundamental to our growth strategy,” said Mark Romaine, the Partnership’s Chief Operating Officer. “We continue to focus on further optimizing and expanding our core retail and wholesale lines of business.”

About Global Partners LP

Global Partners is a midstream logistics and marketing master limited partnership 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. With approximately 1,500 locations, primarily in the Northeast, Global is one of the largest independent owners, suppliers and operators of gasoline stations and convenience stores. The Partnership is also 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. Global is No. 276 in the Fortune 500 list of America’s largest corporations. For additional information, visit

Forward-looking Statements

Certain statements and information in this press release may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for future revenues and operating results are based on our forecasts for our existing operations and do not include the potential impact of any future acquisitions. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections.

For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

Source: Global Partners LP

Global Partners LP
Daphne H. Foster, 781-894-8800
Chief Financial Officer
Edward J. Faneuil
Executive Vice President, 781-894-8800
General Counsel and Secretary

Multimedia Files:

View all news