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 Global Partners Reports Financial Results for Fourth-Quarter and Full-Year 2015
   Monday, February 29, 2016 8:00:01 AM ET

Global Partners LP (GLP ) today reported financial results for the fourth quarter and full year ended December 31, 2015.

The net loss attributable to Global for the fourth quarter of 2015 was $2.3 million, or $0.07 per limited partner unit, compared with net income attributable to the Partnership of $27.9 million, or $0.93 per diluted limited partner unit, for the fourth quarter of 2014.

Combined product margin for the fourth quarter of 2015 was $157.4 million, compared with $159.4 million for the fourth quarter of 2014.

Earnings before interest, taxes, depreciation and amortization (EBITDA) for the fourth quarter of 2015 were $45.8 million, compared with $61.9 million for the same period of 2014.

Distributable cash flow (DCF) for the fourth quarter of 2015 was $17.3 million, compared with $44.4 million for the fourth quarter of 2014.

"Despite ongoing industry headwinds caused by tighter crude oil differentials, we met our guidance for 2015 and have taken definitive steps to manage through the current environment," said Eric Slifka, the Partnership’s President and Chief Executive Officer. "As expected, our fourth-quarter 2015 performance reflected unfavorable crude-by-rail economics. Our Wholesale segment results were negatively affected in the quarter by fixed costs associated primarily with our leased railcar fleet, which in this market environment remains substantially underutilized. In addition, unseasonably warm temperatures in the 2015 fourth quarter contributed to a margin decline on our heat-based products.

"These results were largely offset by our growing Gasoline Distribution and Station Operations (GDSO) business, as well as more favorable conditions in the gasoline and gasoline blendstocks market," Slifka said. "GDSO product margin grew 39% in the fourth quarter from the same period in 2014, primarily reflecting last year’s Warren Equities and Capitol Petroleum acquisitions, which contributed to additional gasoline volume through our retail network."

Gross profit was $132.6 million for the fourth quarter of 2015, compared with $142.6 million for the fourth quarter of 2014, as the decline in the Wholesale segment offset the increase in the GDSO segment. Product margin in the GDSO segment was $121.3 million versus $87.1 million in the fourth quarter of 2014, driven primarily by the Warren and Capitol acquisitions. Primarily due to tighter margins in crude oil and the negative impact of fixed costs associated with the Partnership’s railcar fleet, Wholesale segment product margin was $31.6 million, compared with $65.9 million in the fourth quarter of 2014. Commercial segment product margin was $4.5 million for the fourth quarter of 2015, compared with $6.4 million in the same period of 2014.

Sales for the fourth quarter of 2015 were $2.2 billion, compared with $3.5 billion for the same period in 2014, primarily attributable to lower commodity prices. Wholesale segment sales were $1.2 billion, compared with $2.6 billion for the fourth quarter of 2014. Primarily reflecting the Warren and Capitol acquisitions, sales in the GDSO segment were $853.7 million versus $744.3 million for the same period in 2014. Commercial segment sales were $153.2 million, compared with $191.1 million for the fourth quarter of 2014.

Primarily due to a change in supply logistics for a particular gasoline customer and the discontinuation of a small discrete blendstocks distribution activity, Wholesale segment volume was 849.6 million gallons in the fourth quarter of 2015, compared with 1.2 billion gallons for the same period of 2014. Volume in the GDSO segment was 391.5 million gallons for the fourth quarter of 2015, compared with 262.3 million gallons in the fourth quarter of 2014, primarily attributable to the acquisitions of Warren and Capitol. Commercial segment volume was 115.4 million gallons, compared with 92.9 million gallons for the fourth quarter of 2014.

Combined product margin, EBITDA, and DCF are non-GAAP (Generally Accepted Accounting Principles) financial measures, which are explained in greater detail below under "Use of Non-GAAP Financial Measures." Please refer to Financial Reconciliations included in this news release for reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures for the three and 12 months ended December 31, 2015 and 2014.

Partnership Amends Credit Facility

Global also announced today that it has received 100% approval from its bank group to, among other provisions, amend the Partnership’s senior secured credit facility. Beginning with the quarter ending March 31, 2016, the amendment increases the Partnership’s total leverage ratio covenant, providing Global with additional financial flexibility.

Recent Developments

-- The Board of Directors reduced the Partnership’s quarterly cash distribution to $0.4625 per unit, or $1.85 per unit on an annualized basis, on all of its outstanding common units for the period from October 1 to December 31, 2015. The distribution was paid February 16, 2016 to unitholders of record as of the close of business on February 10, 2016.

-- The Partnership reduced its workforce by 70 people, or approximately 8%, excluding non-convenience store employees. The Partnership plans to take a severance charge of approximately $1.4 million in the first quarter of 2016 related to the workforce reduction.

Business Outlook

"Our focus for 2016 is to maintain a sound balance sheet and provide sufficient liquidity to invest in projects that do not rely on outside sources of capital," Slifka said. "We believe our strategically located terminal assets and GDSO portfolio provide diversification that positions Global to manage through current market challenges and grow as conditions improve."

Global expects to generate full-year 2016 EBITDA in the range of $170 million to $200 million. The Partnership’s guidance and future performance are based on assumptions regarding market conditions such as the continuation of a competitive crude oil market, business cycles, demand for petroleum products and renewable fuels, utilization of assets and facilities, weather, credit markets, the regulatory and permitting environment and the forward product pricing curve, which could influence quarterly financial results. The Partnership believes these assumptions are reasonable given currently available information and its assessment of historical trends. Because Global’s assumptions and future performance are subject to a wide range of business risks and uncertainties, the Partnership can provide no assurance that actual performance will fall within guidance ranges.

Financial Results Conference Call

Management will review the Partnership’sfourth-quarter 2015 financial results in a teleconference call for analysts and investors today.

Time:                  10:00 a.m. ET
                                                                                 
Dial-in numbers:                                                                (877) 709-8155 (U.S. and Canada)
                                                                                (201) 689-8881 (International)

The call also will be webcast live and archived on Global’s website.

Use of Non-GAAP Financial Measures

Product Margin

Global Partners views product margin as an important performance measure of the core profitability of its operations. The Partnership reviews product margin monthly for consistency and trend analysis. Global Partners defines product margin as product sales minus product costs. Product sales primarily include sales of unbranded and branded gasoline, distillates, residual oil, renewable fuels, crude oil, natural gas and propane, as well as convenience store sales, gasoline station rental income and revenue generated from the Partnership’s logistics activities when it engages in the storage, transloading and shipment of products owned by others. Product costs include the cost of acquiring the refined petroleum products, renewable fuels, crude oil, natural gas and propane and all associated costs including shipping and handling costs to bring such products to the point of sale, as well as product costs related to convenience store items and costs associated with the Partnership’s logistics activities. The Partnership also looks at product margin on a per unit basis (product margin divided by volume). Product margin is a non-GAAP financial measure used by management and external users of Global Partners’ consolidated financial statements to assess the Partnership’s business. Product margin should not be considered an alternative to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, Global Partners’ product margin may not be comparable to product margin or a similarly titled measure of other companies.

EBITDA

EBITDA is a non-GAAP financial measure used as a supplemental financial measure by management and may be used by external users of Global Partners’ consolidated financial statements, such as investors, commercial banks and research analysts, to assess the Partnership’s:

-- compliance with certain financial covenants included in its debt agreements;

-- financial performance without regard to financing methods, capital structure, income taxes or historical cost basis;

-- ability to generate cash sufficient to pay interest on its indebtedness and to make distributions to its partners;

-- operating performance and return on invested capital as compared to those of other companies in the wholesale, marketing, storing and distribution of refined petroleum products, renewable fuels, crude oil, natural gas and propane, without regard to financing methods and capital structure; and

-- viability of acquisitions and capital expenditure projects and the overall rates of return of alternative investment opportunities.

EBITDA should not be considered as an alternative to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA excludes some, but not all, items that affect net income and this measure may vary among other companies. Therefore, EBITDA may not be comparable to similarly titled measures of other companies.

Distributable Cash Flow

Distributable cash flow is an important non-GAAP financial measure for Global Partners’ limited partners since it serves as an indicator of the Partnership’s success in providing a cash return on their investment. Distributable cash flow means the Partnership’s net income plus depreciation and amortization minus maintenance capital expenditures, as well as adjustments to eliminate items approved by the audit committee of the Board of Directors of the Partnership’s general partner that are extraordinary or non-recurring in nature and that would otherwise increase distributable cash flow. Specifically, this financial measure indicates to investors whether or not the Partnership has generated sufficient earnings on a current or historic level that can sustain or support an increase in its quarterly cash distribution. Distributable cash flow is a quantitative standard used by the investment community with respect to publicly traded partnerships. Distributable cash flow should not be considered as an alternative to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, Global Partners’ distributable cash flow may not be comparable to distributable cash flow or similarly titled measures of other companies.

About Global Partners LP

A publicly traded master limited partnership, Global is a midstream logistics and marketing company 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. The Partnership is engaged in the transportation of crude oil and other products by rail across its "virtual pipeline" from the mid-continental U.S. and Canada to the East and West Coasts for distribution to refiners and others. With approximately 1,600 locations, primarily in the Northeast, Global also is one of the largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global is No. 180 in the Fortune 500 list of America’s largest corporations. For additional information, visit www.globalp.com.

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.

                                                                                                                                                                                       
GLOBAL PARTNERS LP
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per unit data)
(Unaudited)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                  Three Months Ended                                                                                                                 Twelve Months Ended
                                                                                                                                                                                                                                                                                                                                                                                     December 31,                                                                                                                       December 31,
                                                                                                                                                                                                                                                                                                                                       --------------------------------------------------------------------------------------------------------                     --------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                    2015                                                                     2014                                                 2015                                                                           2014
                                                                                                                                                                                                                                                                                                                                       -------------------------------                                          -------------------------------                     --------------------------------                                          ------------------------------------------
Sales                                                                                                                                                                                                                                                                                                                                                     $ 2,169,445                                                              $ 3,532,948                                         $ 10,314,852                                                              $           17,269,954
Cost of sales                                                                                                                                                                                                                                                                                                                            2,036,821                                             3,390,305                         9,717,183                                                       16,725,167
                                                                                                                                                                                                                                                                                                                                       -------------------- ---------                                           -------------------- ---------                      -------------------- ----------                                           -------------------- --------------------
Gross profit                                                                                                                                                                                                                                                                                                                                                  132,624                                                                  142,643                                              597,669                                                                             544,787
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Costs and operating expenses:
  Selling, general and administrative expenses                                                                                                                                                                                                                                                                                                                 40,386                                                                   43,582                                              177,043                                                                             153,961
  Operating expenses                                                                                                                                                                                                                                                                                                                                           72,174                                                                   51,774                                              290,307                                                                             204,070
  Amortization expense                                                                                                                                                                                                                                                                                                                                          2,769                                                                    5,293                                               13,499                                                                              18,867
  Loss on sale and disposition of assets                                                                                                                                                                                                                                                                                                       767                                                 1,122                             2,097                                                            2,182
                                                                                                                                                                                                                                                                                                                                       -------------------- ---------                                           -------------------- ---------                      -------------------- ----------                                           -------------------- --------------------
    Total costs and operating expenses                                                                                                                                                                                                                                                                                                     116,096                                               101,771                           482,946                                                          379,080
                                                                                                                                                                                                                                                                                                                                       -------------------- ---------                                           -------------------- ---------                      -------------------- ----------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Operating income                                                                                                                                                                                                                                                                                                                                               16,528                                                                   40,872                                              114,723                                                                             165,707
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Interest expense                                                                                                                                                                                                                                                                                                                                             (22,275)                                                                 (12,087)                                             (73,332)                                                                            (47,764)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
(Loss) income before income tax benefit (expense)                                                                                                                                                                                                                                                            (5,747)                                                                   28,785                                               41,391                                                                             117,943
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Income tax benefit (expense)                                                                                                                                                                                                                                                                                                                 2,842                                                 (303)                             1,873                                                            (963)
                                                                                                                                                                                                                                                                                                                                       -------------------- ---------                                           -------------------- ---------                      -------------------- ----------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Net (loss) income                                                                                                                                                                                                                                                                                                                                             (2,905)                                                                   28,482                                               43,264                                                                             116,980
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Net loss (income) attributable to noncontrolling interest                                                                                                                                                                                                                                           623                                                 (572)                               299                                                          (2,271)
                                                                                                                                                                                                                                     ---------                                           -------------------- ---------                      -------------------- ----------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Net (loss) income attributable to Global Partners LP                                                                                                                                                                                                                                       (2,282)                                                                   27,910                                               43,563                                                                             114,709
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Less: General partner’s interest in net (loss) income, including
      incentive distribution rights (1)(2)                                                                                                                                                                                                                                                                                                    (15)                                                 1,817                             7,667                                                            5,981
                                                                                                                                                                                                                                                                                                                                       -------------------- ---------                                           -------------------- ---------                      -------------------- ----------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Limited partners’ interest in net (loss) income                                                                                                                                                                                                                                                                                                           $   (2,267)                                                              $    26,093                                         $     35,896                                                              $              108,728
                                                                                                                                                                                                                                                                                                                                       ==================== =========                                           ==================== =========                      ==================== ==========                                           ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Basic net (loss) income per limited partner unit (3)                                                                                                                                                                                                                                                                                                      $    (0.07)                                                              $      0.93                                         $       1.12                                                              $                 3.97
                                                                                                                                                                                                                                                                                                                                       ==================== =========                                           ==================== =========                      ==================== ==========                                           ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Diluted net (loss) income per limited partner unit (3)                                                                                                                                                                                                                                                        $    (0.07)                                                              $      0.93                                         $       1.11                                                              $                 3.95
                                                                                                                                                                                                                                     ==================== =========                                           ==================== =========                      ==================== ==========                                           ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Basic weighted average limited partner units outstanding                                                                                                                                                                                                                                        33,496                                                27,988                            32,178                                                           27,420
                                                                                                                                                                                                                                     =========                                           ==================== =========                      ==================== ==========                                           ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Diluted weighted average limited partner units outstanding                                                                                                                                                                                                                                        33,517                                                28,107                            32,323                                                           27,502
                                                                                                                                                                                                                                     =========                                           ==================== =========                      ==================== ==========                                           ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                             

(1) As a result of the June 2015 issuance of 3,000,000 common units, the general partner interest was reduced to 0.67% for the three months ended December 31, 2015 from 0.74%. Based on a weighted average, the general partner interest was approximately 0.70% for the twelve months ended December 31, 2015.

(2) As a result of the December 2014 issuance of 3,565,000 common units, the general partner interest was reduced to 0.74% from 0.83%. Based on a weighted average, the general partner interest was 0.81% for the three months ended December 31, 2014. The issuance of these common units did not have a material impact on the Partnership’s basic or diluted net income per limited partner unit for the twelve months ended December 31, 2014.

(3) Under the Partnership’s partnership agreement, for any quarterly period, the incentive distribution rights ("IDRs") participate in net income only to the extent of the amount of cash distributions actually declared, thereby excluding the IDRs from participating in the Partnership’s undistributed net income or losses. Accordingly, the Partnership’s undistributed net income is assumed to be allocated to the limited partners’ interest and to the General Partner’s general partner interest. Limited partners’ interest in net income is divided by the weighted average limited partner units outstanding in computing the net income per limited partner unit.

                                                                                                         
GLOBAL PARTNERS LP
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  
                                                                                                                                                            December 31,                                                                   December 31,
                                                                                                                                                               2015                                                                            2014
                                                                                                                                                  -------------------------------                                           ------------------------------------------
Assets
Current assets:
  Cash and cash equivalents                                                                                                                                          $     1,116                                                               $                5,238
  Accounts receivable, net                                                                                                                                               311,354                                                                              457,730
  Accounts receivable - affiliates                                                                                                                                         2,578                                                                                3,903
  Inventories                                                                                                                                                            388,952                                                                              336,813
  Brokerage margin deposits                                                                                                                                               31,327                                                                               17,198
  Derivative assets                                                                                                                                                       66,099                                                                               83,826
  Prepaid expenses and other current assets                                                                                                            65,609                                                            54,315
                                                                                                                                                  -------------------- ---------                                            -------------------- --------------------
    Total current assets                                                                                                                                                 867,035                                                                              959,023
                                                                                                                                                                                                                                                  
Property and equipment, net                                                                                                                                            1,242,683                                                                              825,051
Intangible assets, net                                                                                                                                                    75,694                                                                               48,902
Goodwill                                                                                                                                                                 435,369                                                                              154,078
Other assets                                                                                                                                           42,894                                                            43,763
                                                                                                                                                  -------------------- ---------                                            -------------------- --------------------
                                                                                                                                                                                                                                                  
    Total assets                                                                                                                                                     $ 2,663,675                                                               $            2,030,817
                                                                                                                                                  ==================== =========                                            ==================== ====================
                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  
Liabilities and partners’ equity
Current liabilities:
  Accounts payable                                                                                                                                                   $   303,781                                                               $              456,619
  Working capital revolving credit facility - current portion                                                                                                             98,100                                                                                    -
  Line of credit                                                                                                                                                               -                                                                                  700
  Environmental liabilities - current portion                                                                                                                              5,350                                                                                3,101
  Trustee taxes payable                                                                                                                                                   95,264                                                                              105,744
  Accrued expenses and other current liabilities                                                                                                                          60,328                                                                               82,820
  Derivative liabilities                                                                                                                               31,911                                                            58,507
                                                                                                                                                  -------------------- ---------                                            -------------------- --------------------
    Total current liabilities                                                                                                                                            594,734                                                                              707,491
                                                                                                                                                                                                                                                  
Working capital revolving credit facility - less current portion                                                                                                         150,000                                                                              100,000
Revolving credit facility                                                                                                                                                269,000                                                                              133,800
Senior notes                                                                                                                                                             656,564                                                                              360,096
Environmental liabilities - less current portion                                                                                                                          67,883                                                                               34,462
Financing obligation                                                                                                                                                      89,790                                                                                    -
Deferred tax liabilities                                                                                                                                                  84,835                                                                               12,958
Other long-term liabilities                                                                                                                            56,885                                                            45,854
                                                                                                                                                  -------------------- ---------                                            -------------------- --------------------
    Total liabilities                                                                                                                                                  1,969,691                                                                            1,394,661
                                                                                                                                                                                                                                                  
Partners’ equity
  Global Partners LP equity                                                                                                                                              647,789                                                                              586,942
  Noncontrolling interest                                                                                                                              46,195                                                            49,214
                                                                                                                                                  -------------------- ---------                                            -------------------- --------------------
    Total partners’ equity                                                                                                                            693,984                                                           636,156
                                                                                                                                                  -------------------- ---------                                            -------------------- --------------------
                                                                                                                                                                                                                                                  
    Total liabilities and partners’ equity                                                                                                                           $ 2,663,675                                                               $            2,030,817
                                                                                                                                                  ==================== =========                                            ==================== ====================
                                                                                                                                                                                                                                                  
                                                                                                                                                                                                 
GLOBAL PARTNERS LP
FINANCIAL RECONCILIATIONS
(In thousands)
(Unaudited)
                                                                                                                                                                                                                                                                                                                                                                                                                              Three Months Ended                                                                                          Twelve Months Ended
                                                                                                                                                                                                                                                                                                                                                                                                                                 December 31,                                                                                                December 31,
                                                                                                                                                                                                                                                                                                                                                                                               ---------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                            2015                                               2014                                               2015                                                     2014
                                                                                                                                                                                                                                                                                                                                                                                               ------------------------------                     ------------------------------                     ------------------------------                     ------------------------------------------
Reconciliation of gross profit to product margin
  Wholesale segment:
    Gasoline and gasoline blendstocks                                                                                                                                                                                                                                                                                                                                                                             $   11,337                                         $      754                                         $   66,031                                         $               71,713
    Crude oil                                                                                                                                                                                                                                                                                                                                                                                                          6,378                                             43,709                                             74,182                                                        141,965
    Other oils and related products                                                                                                                                                                                                                                                                                                                                                                13,908                          21,412                          67,709                                      79,376
                                                                                                                                                                                                                                                                                                                                                                                               -------------------- --------                      -------------------- --------                      -------------------- --------                      -------------------- --------------------
      Total                                                                                                                                                                                                                                                                                                                                                                                                           31,623                                             65,875                                            207,922                                                        293,054
  Gasoline Distribution and Station Operations segment:
    Gasoline                                                                                                                                                                                                                                                                                                                                                                                                          73,643                                             62,810                                            276,848                                                        189,439
    Station operations                                                                                                                                                                                                                                                                                                                                                                             47,651                          24,270                         178,487                                      93,939
                                                                                                                                                                                                                                                                                                                                                                                               -------------------- --------                      -------------------- --------                      -------------------- --------                      -------------------- --------------------
      Total                                                                                                                                                                                                                                                                                                                                                                                                          121,294                                             87,080                                            455,335                                                        283,378
  Commercial segment                                                                                                                                                                                                                                                                                                                                                                                4,532                           6,421                          29,201                                      29,716
                                                                                                                                                                                                                                                                                                                                                                                               -------------------- --------                      -------------------- --------                      -------------------- --------                      -------------------- --------------------
  Combined product margin                                                                                                                                                                                                                                                                                                                                                                                            157,449                                            159,376                                            692,458                                                        606,148
  Depreciation allocated to cost of sales                                                                                                                                                                                                                                                                                                                                                        (24,825)                        (16,733)                        (94,789)                                    (61,361)
                                                                                                                                                                                                                                                                                                                                                                                               -------------------- --------                      -------------------- --------                      -------------------- --------                      -------------------- --------------------
  Gross profit                                                                                                                                                                                                                                                                                                                                                                                                    $  132,624                                         $  142,643                                         $  597,669                                         $              544,787
                                                                                                                                                                                                                                                                                                                                                                                               ==================== ========                      ==================== ========                      ==================== ========                      ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Reconciliation of net (loss) income to EBITDA
  Net (loss) income                                                                                                                                                                                                                                                                                                                                                                                               $  (2,905)                                         $   28,482                                         $   43,264                                         $              116,980
  Net loss (income) attributable to noncontrolling interest                                                                                                                                                                                                                                                                                                                                           623                           (572)                             299                                     (2,271)
                                                                                                                                                                                                                                                                                                                                                                                               -------------------- --------                      -------------------- --------                      -------------------- --------                      -------------------- --------------------
  Net (loss) income attributable to Global Partners LP                                                                                                                                                                                                                                                                                                                                                               (2,282)                                             27,910                                             43,563                                                        114,709
  Depreciation and amortization, excluding the impact of                                                                                                                                                                                                                                       28,667                                             21,635                                            110,670                                                         78,888
  noncontrolling interest
  Interest expense, excluding the impact of noncontrolling interest                                                                                                                                                                                                                                                                                                                                                   22,274                                             12,084                                             73,329                                                         47,719
  Income tax (benefit) expense                                                                                                                                                                                                                                                                                                                                                                    (2,842)                             303                         (1,873)                                         963
                                                                                                                                                                                                                                                                                                                                                                                               -------------------- --------                      -------------------- --------                      -------------------- --------                      -------------------- --------------------
  EBITDA                                                                                                                                                                                                                                                                                                                                                                                                          $   45,817                                         $   61,932                                         $  225,689                                         $              242,279
                                                                                                                                                                                                                                                                                                                                                                                               ==================== ========                      ==================== ========                      ==================== ========                      ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Reconciliation of net cash provided by operating activities to
EBITDA
  Net cash provided by operating activities                                                                                                                                                                                                                                                                                                                                                                       $   75,898                                         $  150,901                                         $   70,506                                         $              344,902
  Net changes in operating assets and liabilities and certain non-cash                                                                                                                                                                                                                                     (49,001)                                           (98,808)                                             88,609                                                      (141,558)
  items
  Net cash from operating activities and changes in operating
  assets and liabilities attributable to noncontrolling interest                                                                                                                                                                                                                                                                                                                                                       (512)                                            (2,548)                                            (4,882)                                                        (9,747)
  Interest expense, excluding the impact of noncontrolling interest                                                                                                                                                                                                                                                                                                                                                   22,274                                             12,084                                             73,329                                                         47,719
  Income tax (benefit) expense                                                                                                                                                                                                                                                                                                                                                                    (2,842)                             303                         (1,873)                                         963
                                                                                                                                                                                                                                                                                                                                                                                               -------------------- --------                      -------------------- --------                      -------------------- --------                      -------------------- --------------------
  EBITDA                                                                                                                                                                                                                                                                                                                                                                                                          $   45,817                                         $   61,932                                         $  225,689                                         $              242,279
                                                                                                                                                                                                                                                                                                                                                                                               ==================== ========                      ==================== ========                      ==================== ========                      ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Reconciliation of net (loss) income to distributable cash flow
  Net (loss) income                                                                                                                                                                                                                                                                                                                                                                                               $  (2,905)                                         $   28,482                                         $   43,264                                         $              116,980
  Net loss (income) attributable to noncontrolling interest                                                                                                                                                                                                                                                                                                                                           623                           (572)                             299                                     (2,271)
                                                                                                                                                                                                                                                                                                                                                                                               -------------------- --------                      -------------------- --------                      -------------------- --------                      -------------------- --------------------
  Net (loss) income attributable to Global Partners LP                                                                                                                                                                                                                                                                                                                                                               (2,282)                                             27,910                                             43,563                                                        114,709
  Depreciation and amortization, excluding the impact of                                                                                                                                                                                                                                       28,667                                             21,635                                            110,670                                                         78,888
  noncontrolling interest
  Amortization of deferred financing fees and senior notes discount                                                                                                                                                                                                                                                                                                                                                    1,826                                              1,564                                              6,988                                                          6,186
  Amortization of routine bank refinancing fees                                                                                                                                                                                                                                                                                                                                                                      (1,135)                                            (1,102)                                            (4,516)                                                        (4,444)
  Maintenance capital expenditures, excluding the impact of                                                                                                                                                                                                                                      (9,740)                         (5,648)                        (29,850)                                    (34,115)
  noncontrolling interest
                                                                                                                                                                                                                                     --------                      -------------------- --------                      -------------------- --------                      -------------------- --------------------
  Distributable cash flow                                                                                                                                                                                                                                                                                                                                                                                         $   17,336                                         $   44,359                                         $  126,855                                         $              161,224
                                                                                                                                                                                                                                                                                                                                                                                               ==================== ========                      ==================== ========                      ==================== ========                      ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Reconciliation of net cash provided by operating activities to
distributable cash flow
  Net cash provided by operating activities                                                                                                                                                                                                                                                                                                                                                                       $   75,898                                         $  150,901                                         $   70,506                                         $              344,902
  Net changes in operating assets and liabilities and certain non-cash                                                                                                                                                                                                                                     (49,001)                                           (98,808)                                             88,609                                                      (141,558)
  items
  Net cash from operating activities and changes in operating
     assets and liabilities attributable to noncontrolling interest                                                                                                                                                                                                                                                                                                                                                    (512)                                            (2,548)                                            (4,882)                                                        (9,747)
  Amortization of deferred financing fees and senior notes discount                                                                                                                                                                                                                                                                                                                                                    1,826                                              1,564                                              6,988                                                          6,186
  Amortization of routine bank refinancing fees                                                                                                                                                                                                                                                                                                                                                                      (1,135)                                            (1,102)                                            (4,516)                                                        (4,444)
  Maintenance capital expenditures, excluding the impact of                                                                                                                                                                                                                                      (9,740)                         (5,648)                        (29,850)                                    (34,115)
  noncontrolling interest
                                                                                                                                                                                                                                     --------                      -------------------- --------                      -------------------- --------                      -------------------- --------------------
  Distributable cash flow                                                                                                                                                                                                                                                                                                                                                                                         $   17,336                                         $   44,359                                         $  126,855                                         $              161,224
                                                                                                                                                                                                                                                                                                                                                                                               ==================== ========                      ==================== ========                      ==================== ========                      ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160229005926r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20160229005926/en/

SOURCE: Global Partners LP

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


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