Global Partners LP (NYSE: GLP) (“Global Partners” or “the Partnership”) today announced the signing of a long-term lease agreement with Getty Realty Corp. (NYSE-GTY) (“Getty”) that enables the Partnership to supply gasoline to and operate through a dealer network approximately 90 of Getty’s gas station sites in the boroughs of Queens, Manhattan and the Bronx as well as in Long Island and Westchester County.
“Further enhancing our fuel supply and distribution network through vertical integration of strategically located assets is a key element in our growth plan, and today’s announcement is the most recent step in executing that objective,” said Eric Slifka, the Partnership’s President and Chief Executive Officer. “Our expanded relationship with Getty, which follows this year’s acquisition of Alliance Energy and our 2010 purchase of Mobil stations from ExxonMobil Corporation, demonstrates the value of our Gasoline Distribution and Station Operations segment as an effective and efficient platform for growth.”
“This long-term agreement significantly expands our retail gasoline and fuel distribution presence in the New York metro region,” Slifka said. “We look forward to continuing to enhance our strategic alliance with Getty.”
Most of the approximately 90 stations under the new long-term lease arrangement had been part of an interim fuel supply and services agreement that Global Partners and Getty entered earlier this year. The initial lease term for the locations is 15 years and includes multiple five-year renewal options. Approximately 140 sites, the majority in New York and New Jersey, will continue to operate under the interim fuel supply agreement.About Global Partners LP Global Partners LP, a publicly traded master limited partnership based in Waltham, Massachusetts, owns, controls or has access to one of the largest terminal networks of refined petroleum products and renewable fuels in the Northeast. Global Partners is a leader in the logistics of transporting crude and other products from the mid-continent region of the U.S. and Canada to the East Coast. The Partnership is one of the largest wholesale distributors of gasoline (including blendstocks such as ethanol and naphtha), distillates (such as home heating oil, diesel and kerosene), residual oil and renewable fuels to wholesalers, retailers and commercial customers in the New England states and New York. In addition, the Partnership has a portfolio of approximately 1,000 gas stations in nine Northeastern states. The Partnership also is a distributor of natural gas. A FORTUNE 500® company, Global Partners trades on the New York Stock Exchange under the ticker symbol "GLP." For additional information, please visit www.globalp.com. Forward-looking Statements Some of the information contained in this news release may contain forward-looking statements. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements, and may contain the words “may,” “believe,” “should,” “could,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “continue,” “will likely result,” or other similar expressions. In addition, any statement made by Global Partners LP’s management concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects and possible actions by Global Partners LP or its subsidiaries are also forward-looking statements.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV