Global Partners LP (NYSE:GLP) Q3 2023 Earnings Conference Call November 9, 2023 10:00 AM ET

Company Participants

Sean Geary - Chief Legal Officer

Eric Slifka - President & Chief Executive Officer

Gregory Hanson - Chief Financial Officer

Mark Romaine - Chief Operating Officer

Conference Call Participants

Timothy Howard - Stifel

Operator

Good day, everyone, and welcome to the Global Partners Third Quarter 2023 Financial Results Conference Call. Today's call is being recorded. [Operator Instructions].

With us from Global Partners are President and Chief Executive Officer, Mr. Eric Slifka; Chief Financial Officer; Mr. Gregory Hanson, Chief Operating Officer; Mr. Mark Romaine; and Chief Legal Officer; Mr. Sean Geary.

At this time, I'd like to turn the call over to Mr. Geary for opening remarks. Please go ahead, sir.

Sean Geary

Good morning, everyone. Thank you for joining us. Today's call will include forward-looking statements within the meaning of federal securities laws. These statements include projections, expectations and estimates concerning the future financial and operational performance of Global Partners, which are based on assumptions regarding market conditions, demand for liquid energy products and convenience store products, the regulatory and permitting environment, the forward product pricing curve and other factors, which could influence our financial results.

We believe these assumptions are reasonable given currently available information. Our assumptions and future performance are subject to a wide range of business risks, uncertainties and factors, which are described in our filings with the Securities and Exchange Commission, and which could cause actual results to differ materially from the Partnership's historical experience and present expectations or projections.

Global Partners undertakes no obligation to revise or update any forward-looking statements. Any material comments concerning future results of operations will be communicated through news releases, publicly announced conference calls or other means that will constitute public disclosure for the purposes of Regulation FD.

Now it's my pleasure to turn the call over to our President and Chief Executive Officer, Eric Slifka.

Eric Slifka

Thank you, Sean, and good morning, everyone. Let me begin with what we consider to be a transformational deal for Global, our definitive agreement to acquire 25 refined product terminals from Motiva Enterprises for $305.8 million. To put this acquisition in context, today, we own or lease 24 bulk terminals, primarily in the Northeast with the combined storage capacity of approximately 9.9 million barrels. The addition of the Motiva terminals diversifies our terminaling operations into new geographies along the Atlantic Coast in the Southeastern U.S. and in Texas, providing platforms for growth in supply, wholesale, commercial and retail.