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

Stocks in this article: GLP

Recent Highlights

  • Global and Phillips 66 (NYSE:PSX) signed a five-year take-or-pay contract under which Global is using its rail transloading, logistics and transportation system to deliver crude oil from the Bakken region of North Dakota to Phillips 66’s Bayway, NJ refinery. The agreement includes a take-or-pay commitment from Phillips 66 to receive approximately 91 million barrels of crude oil over the contract term.
  • Global completed its acquisition of a 60% membership interest in Basin Transload, which operates two transloading facilities for crude oil and other products in Columbus and Beulah, ND with a combined rail loading capacity of 160,000 barrels per day.
  • Global completed its acquisition of 100% of the membership interests of Cascade Kelly Holdings, which owns a West Coast crude oil and ethanol facility near Portland, Oregon. The assets include a rail transloading facility serviced by the BNSF Railway, 200,000 barrels of storage capacity, a deepwater marine terminal with access to a 1,200-foot leased dock and the largest ethanol plant on the West Coast.
  • In connection with its Basin Transload and Cascade Kelly acquisitions, Global increased its bank credit facility by $115 million and issued a $70 million senior unsecured five-year note to funds managed by GSO Capital Partners LP, the credit arm of The Blackstone Group.
  • The Board of Directors of the Partnership’s general partner, Global GP LLC, increased the Partnership’s quarterly cash distribution to $0.57 per unit ($2.28 per unit on an annualized basis) on all of its outstanding common units for the period from October 1 through December 31, 2012. The distribution was paid on February 14, 2013 to unitholders of record as of the close of business February 5, 2013.

Business Outlook“We closed 2012 with strong financial and operational momentum,” Slifka said. “In addition to our gasoline activity and increased wholesale volumes, we are successfully implementing a rail strategy that leverages our expertise in midstream logistics and marketing, strengthening our position at the forefront of a large and growing market opportunity to move mid-continent and Canadian origin crude from the well to consumption.”

As previously announced, excluding the recently completed Cascade Kelly Holdings acquisition, for full-year 2013 the Partnership expects EBITDA in the range of $175 million to $190 million. The Partnership’s outlook is based on assumptions regarding current market conditions, including demand for petroleum products and renewable fuels, weather, credit markets and the forward product pricing curve, which will influence quarterly financial results.

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