- The Board of Directors of the Partnership’s general partner, Global GP LLC, increased the Partnership’s quarterly cash distribution to $0.5875 per unit ($2.35 per unit on an annualized basis) on all of its outstanding common units for the period from April 1 through June 30, 2013. The distribution will be paid on August 14, 2013 to unitholders of record as of the close of business August 5, 2013.
For full-year 2013, Global Partners now expects EBITDA in the range of $150 million to $175 million, including the Cascade Kelly Holdings acquisition completed in the first quarter of 2013.
“Based upon our performance for the first half of the year and the short-term challenges we see for the balance of 2013 related to compressed margins and reduced volume to the East and West Coasts in our crude oil logistics and marketing activities, and to backwardation in the gasoline market, we are adjusting our full year 2013 EBITDA guidance,” Slifka said. “We believe in the strategic direction of the Partnership. Despite short-term challenges, we believe that we will be able to deliver value to our unitholders through the optimization of our operating assets, our organic projects under development and other strategic initiatives.”The Partnership’s guidance is based on assumptions regarding current market conditions, including demand for petroleum products and renewable fuels, changes in commodity prices, weather, credit markets and the forward product pricing curve, which will influence quarterly financial results. F inancial Results Conference Call Management will review the Partnership’s second-quarter 2013 financial results in a teleconference call for analysts and investors today.
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