Mark Romaine, Chief Operating Officer of Global Partners LP (GLP 3.81%), reported the direct sale of 15,611 common units across multiple transactions between March 16 and March 18, 2026, as disclosed in a SEC Form 4 filing. Transaction summaryMetricValueUnits sold (direct)15,611Transaction value~$740,000Post-transaction units (direct)146,874Post-transaction value (direct ownership)~$7.04 millionTransaction value based on SEC Form 4 weighted average purchase price ($47.38); post-transaction value is based on ...

April WTI crude oil (CLJ26) on Friday closed up +2.18 (+2.27%), and April RBOB gasoline (RBJ26) closed up +0.1591 (+5.09%).  Crude oil and gasoline prices rallied sharply on Friday, with gasoline posting a 3.5-year nearest-futures high.   Crude prices surged on Friday as the Iran war drags on, with the Strait of Hormuz closed and Iran continuing attacks on the energy infrastructure of its Middle Eastern neighbors. Gains in crude oil prices accelerated on Friday after CBS reported that Pentagon officials ...

Crude prices also found support on Thursday after the crude crack spread jumped to a 3.75-year high, encouraging refiners to purchase crude and refine it into gasoline and distillates.Crude prices were also pressured on Thursday after President Trump pressed for the de-escalation of attacks on Middle East energy sites, following Iranian and Israeli strikes on major gas fields. Mr. Trump said the US wasn't involved in the South Pars attack and said Israel would refrain from further strikes on the site. Howev ...

The Strait of Hormuz remains essentially closed, and Persian Gulf oil producers have been forced to cut production by roughly 6% as local storage facilities reach capacity. The Strait of Hormuz normally handles a fifth of the world's oil. Goldman Sachs warns that crude prices could exceed the 2008 record high of close to $150 a barrel if flows through the Strait of Hormuz remain depressed through March.Crude prices also found support today after the crude crack spread jumped to a 3.75-year high, encouraging ...

Soybean Market - The soybean market saw an increase, with the May issue rising by 9.25 cents overnight, reaching a pre-dawn price of 7.25 cents higher [1] - The National Index was reported at approximately $11.0550, up about 9.75 cents, while the national average basis calculation remained weak at 73.75 cents under May futures, below the previous 5-year and 10-year averages [1] - Weekly export sales indicated the US was on track to ship 1.234 billion bushels, with total commitments to China about 50% lower than the same week last year [1] Corn Market - The corn market experienced an uptick, gaining 2.75 cents overnight, driven by the influence of soybeans and soybean oil [4] - The National Price Index for corn was reported at approximately $4.1175, with the national average basis at 41.75 cents under May futures, consistent with last year's figures [4] - The May-July futures spread closed at 9.25 cents, covering a neutral 45% calculated full commercial carry [4] Wheat Market - The wheat market showed solid gains across all three markets, although the long-term supply and demand outlook remains bearish [5] - July HRW futures rose by 8.25 cents, reaching $6.1625, the highest price since March 2025, while the July-September futures spread closed at a carry of 14.25 cents [5] - The new-crop futures spreads indicated a bearish sentiment, covering 63% and 59% of calculated full commercial carry for July-September and September-December, respectively [5]

Core Insights - The company reported disciplined execution of its strategy in 2025, with higher volumes across its terminal and wholesale network, and a double-digit increase in wholesale segment product margin, indicating successful investments in capabilities and network performance [1][6] - The GDSO segment showed solid results, with strong fuel margins partially offsetting declines in volumes and station operations due to site optimization efforts [1][10] - The company continues to focus on acquiring strategic assets, investing in its existing network, and optimizing its portfolio to enhance overall performance [6][8] Financial Performance - Adjusted EBITDA for Q4 2025 was $94.8 million, down from $97.8 million in Q4 2024, while net income increased to $25.1 million from $23.9 million [10] - Distributable cash flow for Q4 was $38.4 million, compared to $45.7 million in the previous year, reflecting less favorable market conditions in wholesale and commercial segments [10] - The GDSO product margin increased by $17.7 million to $231.3 million, driven by higher fuel margins, while the wholesale segment product margin decreased by $21.5 million to $58.3 million due to unfavorable market conditions [12][14] Strategic Initiatives - The company expanded its terminal capabilities with the Providence terminal exceeding expectations and entered the Houston market for bunkering, enhancing its service footprint [6][8] - Investments in data and analytics infrastructure are aimed at improving operational visibility and decision-making, with expectations of both cost savings and revenue gains [7][26] - The company divested non-strategic retail locations and converted sites to higher-value formats to improve overall portfolio quality [7] Distribution and Capital Expenditure - The Board approved a quarterly cash distribution of $0.76 per common unit, marking the seventeenth consecutive increase [9] - Capital expenditures for Q4 were $38.8 million, with maintenance CapEx at $22.6 million and expansion CapEx at $16.2 million, primarily for terminal and gas station investments [15] - For 2026, the company expects maintenance CapEx between $60.0 million to $70.0 million and expansion CapEx between $75.0 million to $85.0 million [15][16] Market Outlook - The company is positioned to manage through uneven markets and capitalize on opportunities, with early-year cold weather in the Northeast supporting strong wholesale fuel demand [18][28] - The integrated footprint and scale across the liquid energy value chain are expected to drive growth and enhance value for unitholders [18][19]

Global Partners LP Q4 and FY 2025 Investor Presentation Forward - Looking Statements Certain statements and information in this presentation 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, although not all forward-looking statements contain such identifying words. These forward-looking ...

Group 1: Ukraine Energy Infrastructure and Corporate Targets - Russia launched a coordinated drone and missile assault on Ukraine's power grid, causing widespread blackouts across critical regions including Odesa, Kyiv, Mykolaiv, Dnipropetrovsk, Zaporizhzhia, and Poltava [2][9] - A missile hit a production plant owned by Mondelez International in the Sumy Oblast, resulting in damage to production buildings but no casualties, characterized as "economic terror" against American business interests [3][9] Group 2: Luxury Sector Cools: Breitling Valuation Markdown - Private equity owners, including Partners Group, have reduced the internal valuation of Swiss watchmaker Breitling from approximately $4.5 billion due to a cooling secondary market and slowing demand for high-end timepieces [4][5][9] Group 3: Brazil-India Trade Target - Brazil and India announced a target to double bilateral trade to $30 billion by 2030, up from approximately $15 billion in 2025, focusing on critical minerals, aerospace, and pharmaceuticals [6][7][9] Group 4: Operational Issues at Phillips 66 Wood River Refinery - Phillips 66 reported an excess emission event at its Wood River oil refinery in Illinois, which has a crude throughput capacity of 365,000 barrels per day, following its acquisition of full ownership from Cenovus Energy [8][10][9]

Energy Markets - US crude oil futures and Brent crude prices increased following a surprising drop of 9.014 million barrels in weekly crude stocks, contrasting with an expected increase of 1.65 million barrels [2][10] - Gasoline inventories fell by 3.213 million barrels, and distillate stocks decreased by 4.566 million barrels, indicating strong industrial demand despite tightening supplies [3][10] - US crude imports from Saudi Arabia reached their highest level since June 2022, while a heavy refinery utilization rate of +1.60% contributed to the depletion of domestic stockpiles [4][10] Private Credit Market - Shares of private credit providers declined after Blue Owl Capital halted redemptions at one of its funds, raising liquidity concerns in the private markets [5][10] - The halt in redemptions is viewed as a defensive measure to protect fund valuations amid changing credit conditions, leading to cautious market reactions [6][10] Regulatory Developments - The European Central Bank imposed penalties totaling €12.18 million on JPMorgan Chase for misreporting capital requirements, which is crucial for regulatory oversight [7][10] Technology Sector - Alphabet announced plans to enhance ecosystem security by rolling out Android developer verifications and investing in AI-driven defenses to combat malicious activities [8][10] Housing Market - Freddie Mac reported a decrease in the 30-year fixed-rate mortgage to 6.01%, down from 6.09%, and the 15-year fixed-rate mortgage fell to 5.35%, easing borrowing costs for prospective homebuyers [9][10]

Financial Data and Key Metrics Changes - For the full year 2025, the company achieved adjusted earnings per share of $10.70 and adjusted EBITDA of approximately $12 billion, with a fourth quarter adjusted earnings per share of $4.07 and adjusted EBITDA of about $3.5 billion [13][14] - The company generated $8.3 billion in cash from operations and returned $4.5 billion to shareholders through share repurchases and dividends, reflecting a 6.5% reduction in shares outstanding [5][13] Business Line Data and Key Metrics Changes - The refining and marketing segment reported adjusted EBITDA of $2 billion for the fourth quarter, with refineries running at 95% utilization and total throughput just over 3 million barrels per day [14][15] - The midstream segment's adjusted EBITDA grew year-over-year, reaching a record of nearly $7 billion, although fourth quarter results declined due to divestitures of non-core assets [5][11][17] Market Data and Key Metrics Changes - Global refined product demand is expected to continue growing, with gasoline and distillates each increasing by roughly 1% and jet fuel demand rising nearly 4% [6] - The global refining system is anticipated to remain tight, with limited new capacity coming online in 2026, further tightening U.S. markets due to regional closures [6][10] Company Strategy and Development Direction - The company plans to invest approximately $700 million in refining value-enhancing capital in 2026, focusing on lowering operating costs and enhancing system reliability [7][10] - Investments in marketing will total $250 million to expand the reach of branded stations in targeted markets, supporting long-term secured offtake and enhancing performance [8] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about refined product demand and expects growth to outpace the net effect of capacity additions through the end of the decade [6][10] - The company emphasizes a disciplined capital strategy and aims for returns of 25% or above on capital investments, reflecting confidence in long-term opportunities across the energy space [10][12] Other Important Information - The company achieved its strongest process safety performance in the last four years and the lowest OSHA recordable injury rate, reflecting a commitment to safe and environmentally sound operations [5] - MPLX, the company's midstream segment, plans to invest $2.4 billion in growth capital, with 90% directed towards natural gas and NGL services, targeting a distribution growth rate of 12.5% over the next two years [11][12] Q&A Session Summary Question: Capture rate performance - Management highlighted that the strong capture rate of 114% was driven by optimization through the commercial team and improved structural capabilities [25][26][28] Question: Return of capital expectations - Management indicated that based on current market conditions, they expect to match or exceed the previous year's capital return of $4.5 billion [31][32] Question: Incremental Venezuelan crude absorption - Management expressed confidence in their ability to absorb more Venezuelan crude, leveraging their system's capabilities and optimizing sour crude processing [35][36][39] Question: CapEx guidance and negotiations with USW - Management confirmed that CapEx for 2026 is expected to be lower than in 2025, and negotiations with the USW are ongoing with positive dialogue [62][65][66]