Core Insights - Inflation significantly impacts household expenses, with the Consumer Price Index (CPI) being a crucial economic indicator [1] - The Bureau of Labor Statistics (BLS) categorizes expenditures into eight groups, with food, shelter, and clothing comprising over 60% of the CPI [2] CPI Component Analysis - Medical Care and Housing have seen the highest growth, each exceeding 100% since 2000, while Apparel has remained relatively unchanged [4] - Transportation exhibits high volatility, primarily driven by the Motor Fuel subcategory [5] - Energy costs are integrated into Housing and Transportation categories, with energy assigned a relative importance of 6.216 out of 100 in the CPI [7] Education Costs - College Tuition and Fees have increased nearly 200% since 2000, representing 1.324% of total expenditures, which can strain family budgets [8] - The BLS's calculation of tuition often does not reflect actual costs after financial aid, potentially exaggerating the inflation impact [9][10] Core Inflation Metrics - Core Inflation, excluding Food and Energy, is closely monitored, with a cumulative change of 85.5% since 2000 compared to 92.5% for headline CPI [12] Household Impact of Inflation - The effects of inflation vary significantly among households, with lower-income families and those with high transportation or medical costs being more vulnerable [15][16]

Table of Contents As filed with the Securities and Exchange Commission on December 19, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ARKO Petroleum Corp. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 5172 39-3168808 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification No.) 85 ...

Core Insights - CrossAmerica Partners LP reported solid operating results for Q3 2025, with increases in retail same-store sales and merchandise margin percentage, despite a decline in retail same-store fuel volumes [3][4] - The company completed approximately $22 million in asset sales during the quarter, which helped reduce debt and lower operating expenses [3][4] - Net income for Q3 2025 was $13.6 million, up from $10.7 million in Q3 2024, primarily due to gains from asset sales and reduced interest expenses [4][5] Financial Performance - Q3 2025 consolidated results showed: - Net Income: $13.6 million (up from $10.7 million in Q3 2024) - Adjusted EBITDA: $41.3 million (down from $43.9 million in Q3 2024) - Distributable Cash Flow: $27.8 million (up from $27.1 million in Q3 2024) - Distribution Coverage Ratio: 1.39x (compared to 1.36x in Q3 2024) [4][5][6] - Operating expenses decreased by 5% from $60.8 million in Q3 2024 to $57.5 million in Q3 2025 [5][6] Retail Segment Performance - Retail segment gross profit for Q3 2025 was $80.0 million, down from $83.6 million in Q3 2024, with motor fuel gross profit declining by $5.0 million or 11% [7][8] - Same-store motor fuel gallons distributed decreased by 4%, totaling 132.6 million gallons in Q3 2025 compared to 137.9 million gallons in Q3 2024 [7][8] - Merchandise gross profit increased by 5% year-over-year, with a gross profit percentage rising from 27.9% to 28.9% [9][10] Wholesale Segment Performance - Wholesale segment gross profit decreased by 10% to $24.8 million in Q3 2025, driven by a decline in motor fuel and rent gross profit [11][12] - Motor fuel gallons distributed in the wholesale segment fell to 177.7 million in Q3 2025 from 186.9 million in Q3 2024 [11][12] Asset Sales and Debt Management - CrossAmerica sold 29 properties for $21.9 million in proceeds during Q3 2025, resulting in a net gain of $7.4 million [12] - As of September 30, 2025, leverage was 3.56 times, down from 4.36 times at the end of 2024 [13] Distribution Information - The Board declared a quarterly distribution of $0.5250 per limited partner unit for Q3 2025, to be paid on November 13, 2025 [14]

Second Quarter 2025 Performance Overview - Retail Segment gross profit decreased by 1% to $76.127 million[6] - Retail Segment operating income decreased by 10% to $25.299 million[6] - Wholesale Segment gross profit decreased by 12% to $24.865 million[6] - Wholesale Segment operating income decreased by 15% to $17.744 million[6] - Net income increased by 103% to $25.168 million[8] - Adjusted EBITDA decreased by 13% to $37.083 million[8] - Distributable Cash Flow decreased by 14% to $22.396 million[8] Capital Management - Second quarter capital expenditures totaled $11.8 million, including $9.3 million in growth capex[13] - Credit facility balance was $727.0 million as of June 30, 2025[13] - Leverage ratio was 3.65x at June 30, 2025[13]

Core Viewpoint - CrossAmerica Partners LP reported a significant improvement in net income for Q2 2025 compared to Q2 2024, primarily due to asset sales, although overall performance remains below prior-year levels [3][4][5]. Financial Performance - Net Income for Q2 2025 was $25.2 million, up from $12.4 million in Q2 2024, reflecting a $12.7 million increase [4][5]. - Adjusted EBITDA decreased to $37.1 million in Q2 2025 from $42.6 million in Q2 2024, a decline of $5.5 million [4][5]. - Distributable Cash Flow for Q2 2025 was $22.4 million, down from $26.1 million in Q2 2024 [4][5]. - The Distribution Coverage Ratio for Q2 2025 was 1.12x, compared to 1.30x in Q2 2024 [4][5]. Segment Performance Retail Segment - Retail segment gross profit for Q2 2025 was $76.1 million, slightly down from $76.6 million in Q2 2024 [5][7]. - Motor fuel gallons distributed in the retail segment decreased to 141.7 million in Q2 2025 from 143.0 million in Q2 2024, a 1% decline [7][8]. - Merchandise gross profit increased by 2% year-over-year, with same-store merchandise sales excluding cigarettes rising by 4% [9][10]. Wholesale Segment - Wholesale segment gross profit fell to $24.9 million in Q2 2025 from $28.1 million in Q2 2024, a 12% decrease [11][12]. - Wholesale motor fuel gallons distributed decreased to 179.2 million in Q2 2025 from 192.1 million in Q2 2024, a 7% decline [11][12]. Asset Management and Divestment - CrossAmerica sold 60 properties for $64.0 million during Q2 2025, resulting in a net gain of $29.7 million [13]. - The company reduced debt by over $50 million through asset sales, strengthening its balance sheet [3][4]. Liquidity and Capital Resources - As of June 30, 2025, CrossAmerica had $727.0 million outstanding under its credit facility, down from $778.0 million at the end of 2024 [14]. - Leverage was reported at 3.65 times as of June 30, 2025, compared to 4.36 times at the end of 2024 [14]. Distributions - The Board declared a quarterly distribution of $0.5250 per limited partner unit for Q2 2025, payable on August 14, 2025 [15].

Financial Performance - Net loss was $7.115 million, a 59% improvement compared to a net loss of $17.540 million in the same period last year[9] - Adjusted EBITDA increased by 3% to $24.269 million from $23.568 million[9] - Distributable Cash Flow (DCF) decreased by 22% to $9.095 million from $11.731 million[9] - Distribution coverage ratio decreased by 22% to 0.46x from 0.59x[9] Segment Results - Retail segment gross profit increased by 16% to $63.159 million from $54.386 million[7] - Retail segment operating income increased by 2% to $11.455 million from $11.255 million[7] - Wholesale segment gross profit decreased by 1% to $26.655 million from $26.962 million[7] - Wholesale segment operating income increased by 8% to $19.485 million from $18.065 million[7] Capital and Debt - First quarter capital expenditures were $10.1 million, including $7.4 million in growth capex[13] - Credit facility balance was $778.0 million as of March 31, 2025[13] - Leverage ratio was 4.27x as of March 31, 2025[13]

Group 1: Company Overview - Energy Transfer operates midstream businesses, primarily owning and operating pipelines, which provide reliable cash flows through the energy cycle [2] - The company also acts as the general partner to two other publicly traded master limited partnerships: Sunoco LP and USA Compression Partners, adding complexity and potential volatility to its operations [4] Group 2: Historical Performance - Energy Transfer cut its distribution by 50% in 2020 to strengthen its balance sheet during a challenging period for the energy industry, which negatively impacted unit holders [5][6] - The company's units experienced significant growth until around 2016, after which they have struggled to exceed $20 per unit, coinciding with weak oil prices [8] - A notable event in the company's history involved a failed acquisition of Williams, which raised concerns about potential debt and dividend cuts, leading to a loss of investor confidence [9] Group 3: Comparison with Peers - Other midstream energy companies, such as Enterprise Products Partners and Enbridge, have demonstrated more consistent dividend growth, with Enterprise increasing its distribution for 26 years and Enbridge for 30 years [10] - While Energy Transfer offers a higher distribution yield of 7.8%, the consistency and reliability of dividends from its peers may present a more attractive option for investors focused on stability [11]