Combined product volume totaled 5.2 billion gallons in 2011, compared with 3.7 billion gallons in 2010. Wholesale segment volume increased to 4.8 billion gallons versus 3.4 billion gallons in 2010. Commercial segment volume increased to 422.4 million gallons in 2011, compared with 273.1 million gallons in 2010.
Combined gross profit increased 26% to $209.6 million in 2011 from $166.7 million in 2010. Within the wholesale segment, gasoline net product margin rose 49% to $96.3 million from $64.7 million in 2010. The increase primarily reflected the contribution from the Mobil assets, together with the full-year impact from the Warex terminals acquisition in June of 2010 and increasing activity in gasoline blendstocks, primarily ethanol. Distillates net product margin decreased 38% to $50.4 million from $80.9 million in 2010, due to less favorable conditions in the distillates market. Residual oil and crude oil net product margin increased 83% to $17.2 million in 2011 from $9.4 million in 2010, primarily due to crude oil activity.
“Over the past two years, the strategic steps taken have strengthened and broadened our business base,” Slifka said. “We have added the downstream, vertically integrated activities arising from the Mobil stations and supply rights, established Global as a premier gasoline and blendstocks supplier in New York, and created a hub in Albany for the sourcing, transportation and marketing of distillates, gasoline, blendstocks and crude oil.”
- Global Partners announced on March 2 that it completed the acquisition of Alliance Energy LLC, a gasoline distributor and operator of gasoline stations and convenience stores. Alliance's portfolio includes approximately 540 gasoline stations in New England, New York, New Jersey and Pennsylvania. Alliance owns or has long-term leases on approximately 253 sites and has supply contracts for the remaining stations. The Partnership expects to incur approximately $5 million of one-time closing costs in the first quarter of 2012 in connection with the transaction.
- The Board of Directors of the Partnership’s general partner, Global GP LLC, declared a quarterly cash distribution of $0.50 per unit ($2.00 per unit on an annualized basis) on all of its outstanding common units for the period from October 1 through December 31, 2011. The distribution was paid on February 14, 2012 to unitholders of record as of the close of business February 3, 2012.
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