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800 South Street Suite 200
Global Partners is a midstream logistics and marketing master limited partnership that owns, controls or has access to one of the largest terminal networks of petroleum products and renewable fuels in the Northeast. With approximately 1,500 locations, primaril... more.
/s/ ERIC SLIFKA
Eric Slifka President, Chief Executive Officer and Director (Principal Executive Officer)
Stellmach pointed out that Eric Slifka, president and CEO of Global Partners, Waltham, Mass., keynote speaker at the Southern New England Energy Conference held in September in Newport, R.I., supported use of additives.
In his speech, Slifka said it was important to promote the use of additives to treat the deposits that have been collecting for years in the bottoms of customers' tanks, adding, "The cost of these additives is measured in tenths of points per gallon, not cents per gallon." Slifka also noted that there is a national additive requirement for gasoline to address issues in gas engines and tanks. "We believe that the heating oil industry would benefit from having this same requirement," he said.
Commenting on the termination Eric Slifka, President and CEO of Global Partners, said:
" In our Gasoline Distribution and Station Operations segment, we generated a solid product margin of $136.8 million in the quarter, a result comparable to the strong margin achieved in the same period last year," said Eric Slifka, President and Chief Executive Officer of Global Partners.
" Through the end of Q3, this year we have finalized a $63.5 million sale-leaseback transaction and have completed the sale of certain non-strategic gasoline stations and convenience stores for a total of $57.7 million, which includes the sale of 30 sites in Western New York and Pennsylvania to Mirabito Holdings. In addition, we have added 22 leased gasoline stations and c-stores to our retail portfolio and are proceeding with the sale of other non-strategic retail sites through NRC Realty & Capital Advisors. " Within our Wholesale segment, gasoline and gasoline blendstocks product margin tripled in the quarter to $21.5 million, as we continued to capitalize on favorable market opportunities and leverage our storage capacity across the Northeast. " As a result of the uncertainty surrounding the crude oil markets, in the third quarter we recorded a significant non-cash goodwill and long-lived asset impairment charge related to our Wholesale segment that negatively impacted our financial results," Slifka said.
In addition, the sites were attractive given their location and brand recognition, according to Global Partners President and CEO Eric Slifka.
"Our business relationship with ExxonMobil dates back many decades, and we truly appreciate the company's reputation for providing safe, reliable, high-quality transportation fuels," Slifka said. "Consequently, we entered into a long-term branding agreement with ExxonMobil to retain the right to supply Mobil-branded fuel to these sites and operate them under the Mobil banner." Global Partners outsources the day-to-day management and operation of the locations - 145 of which have c-stores - to a third party. Alliance Energy LLC is an experienced retail operator with significant knowledge of fuels marketing and convenience store operations. Since acquiring the sites, Slifka said they've made some merchandising improvements within the c-stores, while maintaining a seamless experience for consumers. "ExxonMobil built the premier brand and a superb dealer network, and our focus is on maintaining those high standards," he explained, noting the purchase of these locations increases Global Partners' earnings power and enhances its long-term growth potential. Posed with the question of whether Big Oil's divestitures have been good or bad for the industry, Slifka said he could only speak for Global Partners.