This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Global Partners Reports Record Fourth-Quarter And Full-Year 2012 Financial Results

Global Partners LP (NYSE: GLP) today reported financial results for the fourth quarter and 12 months ended December 31, 2012.

“Global’s development of rail logistics and gas station assets has strengthened and diversified our cash flows and income streams,” said Eric Slifka, the Partnership’s president and chief executive officer. “Our record results in 2012 reflect this transformation, highlighted by the steady growth of our rail logistics capabilities and the acquisition of Alliance Energy.”

“We believe our direct, single line haul ‘virtual pipeline’ to Albany, NY on Canadian Pacific provides the most efficient model to move competitively price-advantaged product from the mid-continent of the U.S. and Canada to the East Coast,” Slifka said. “The rail volume into our Global Albany crude and ethanol terminal has more than doubled from 42 unit trains in the first quarter of 2012 to 87 in the fourth quarter, with 81 unit trains received through the first two months of 2013 alone, averaging over 100,000 barrels a day.”

“In recent weeks, we have expanded our advantaged logistics, purchasing a 60% membership interest in Basin Transload in North Dakota and acquiring the Cascade Kelly crude oil transload and ethanol production facility near Portland, Oregon,” Slifka said. “The Basin terminal in Beulah, ND and our new Oregon facility form a West bound virtual pipeline on the BNSF Railway that connects the U.S. mid-continent and Western Canadian Sedimentary Basin to Pacific refiners. Together with our Albany terminal, these locations form a network of unique origin and destination locations through which our customers can efficiently supply cost-competitive crude oil to destinations on the East and West coasts.”

Fourth Quarter 2012 Financial SummaryNet income for the fourth quarter of 2012 was $22.7 million, or $0.81 per diluted limited partner unit, compared with net income of $10.0 million, or $0.45 per diluted limited partner unit, for the fourth quarter of 2011.

Combined net product margin for the fourth quarter of 2012 was $115.5 million, compared with $65.6 million for the fourth quarter of 2011.

1 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs