Global Partners LP

Good day, everyone, and welcome to the Global Partners fourth quarter and full year 2024 financial results conference call. Today's call is being recorded. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. With us from Global Partners are President and Chief Executive Officer, Mr. Eric Slifka, Chief Financial Officer, Mr. Gregory Hansen, Chief Operating Officer, Mr. Mark Romain, 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.

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 gold partners. No assurances can be given that these projections will be attained 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 findings for the Securities and Exchange Commission. Global Partners undertakes no obligation to revise or update any foreign-looking statements. Now it is my pleasure to turn the call over to our President and Chief Executive Officer, Eric Slivka.

Thank you, Sean. Good morning, everyone, and thank you for joining us on today's earnings call. 2024 was a transformative year of the growth for global partners. We integrated 30 new terminals across the Atlantic Coast, the Southeast, Texas, and the Northeast, more than doubling our storage capacity to approximately 22 million barrels. Our expansion included 25 terminals acquired in December 2023 backed by a significant 25-year take-or-pay contract with Motiva Enterprises, a subsidiary of Savvy Aramco. In April, we added four northeast terminals, complementing our network in that region. And in November, we acquired a 959,000-barrel thermal located on a 730-acre parcel in East Providence, Rhode Island, with infrastructure capabilities to accommodate long-range vessels. These strategic investments, totaling more than $528 million, have solidified our role as an essential part of the US energy infrastructure and enhanced our ability to serve our rapidly growing customer base. We could not have accomplished this without the dedication, resilience, and innovative spirit of our employees across our businesses. From our terminal operations to our retail locations, every member of our team has played a crucial role in our success. I'm especially proud of the way in which we've navigated the dynamic energy landscape while maintaining our commitment to operational excellence and customer satisfaction. Despite severe weather during the year, our terminal staff has consistently demonstrated exceptional service for our customers while our retail teams have continued to elevate the experience with new offerings for our guests at our few locations and convenience markets. Both our wholesale and GDSO segments demonstrated robust growth in 2024. The 90 million increase in wholesale segment product margin reflected, in part, a full 12 months of contributions from the terminals acquired from Motiva and a partial year of ownership of the terminals acquired from Gulf and ExxonMobil. GDSO product margin was up almost 26 million for the year, even with a tough comparison due to an especially strong retail fuel margin in the fourth quarter of 2023. Let me briefly address the steps we are taking to prepare for the potential implementation of tariffs on oil and gas imports, particularly from Canada and Europe. We continue to actively monitor global economic conditions and the evolving supply landscape, holding, as we always do, daily meetings and additional scenario planning to assess potential impacts of any imposed and proposed tariffs. Turning to our distribution, in January the Board declared a distribution of 74 cents on all outstanding common units for the fourth quarter. This marked the 13th consecutive quarterly increase and reflects our continued strong financial position. The distribution was paid on February 14th to unit holders of record as of Feb 10th. In summary, as evidenced by our results, our diverse asset portfolio continues to drive strong performance. With our expanded operating footprint, greater access to critical pipeline and marine infrastructure, and a strong balance sheet, we are well positioned to leverage our supply, terminal, and marketing expertise to seize growth opportunities and create value for our unit holders. With that, let me turn the call over to Greg for his financial review. Greg?