Global Partners LP Common Units (NYSE:GLP) Q2 2024 Results Conference Call August 7, 2024 10:00 AM ET

Company Participants

Sean Geary - CLO & Secretary
Eric Slifka - President & CEO
Gregory Hanson - CFO
Mark Romaine - COO

Conference Call Participants

Selman Akyol - Stifel

Operator

Good day, everyone, and welcome to the Global Partners Second Quarter 2024 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 and Secretary, Mr. Sean Geary.

At this time, I would 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, including projections and expectations concerning the future financial and operational performance of Global Partners. No assurances can be given that these projections will be obtained or that these expectations will be met. Our assumptions and future performance are subject to a wide range of business risks, uncertainties and factors, which could cause actual results to differ materially as described in our filings with the Securities and Exchange Commission. Global Partners undertakes no obligation to revise or update any forward-looking statements.

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. The company delivered year-over-year growth across all key profitability metrics in Q2. Our results continue to reinforce the strength of our business model and our integrated portfolio of liquid energy terminals, fueling stations and convenience markets.

Looking at our overall performance in Q2, we posted gains in operating income, net income, DCF and adjusted EBITDA driven by strong results in both our Wholesale and GDSO segments. Over the past 9 months, we've invested more than $500 million to significantly expand our Wholesale segment footprint through the strategic acquisition of a combined 29 terminals from Motiva Enterprises and Gulf Oil, more than doubling our storage capacity to 21.4 million barrels. These terminals expand our geographic reach within New England, along the Eastern Seaboard and into Florida, the Gulf Coast and Texas. We have identified numerous opportunities to invest and optimize in these newly acquired terminals.