Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting

Schedule of summary of financial information for the reportable segments

Summarized financial information for the Partnership’s reportable segments is presented in the table below (in thousands):


		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2025			2024			2025			2024
Wholesale Segment:
Sales
Gasoline and gasoline blendstocks		$	2,139,272		$	1,745,666		$	3,860,692		$	3,119,258
Distillates and other oils (1)			993,228			917,022			2,462,244			2,182,778
Total		$	3,132,500		$	2,662,688		$	6,322,936		$	5,302,036
Product margin
Gasoline and gasoline blendstocks		$	58,794		$	70,412		$	115,963		$	100,173
Distillates and other oils (1)			32,938			21,453			69,409			41,112
Total		$	91,732		$	91,865		$	185,372		$	141,285
Gasoline Distribution and Station Operations Segment:
Sales
Gasoline		$	1,077,203		$	1,316,548		$	2,082,558		$	2,413,825
Station operations (2)			141,371			149,525			262,725			279,693
Total		$	1,218,574		$	1,466,073		$	2,345,283		$	2,693,518
Product margin
Gasoline		$	137,916		$	147,313		$	263,667		$	268,943
Station operations (2)			69,972			74,154			132,084			140,241
Total		$	207,888		$	221,467		$	395,751		$	409,184
Commercial Segment:
Sales		$	275,851		$	280,937		$	550,903		$	559,536
Product margin		$	6,105		$	6,222		$	13,250		$	13,190
Combined sales and Product margin:
Sales		$	4,626,925		$	4,409,698		$	9,219,122		$	8,555,090
Product margin (3)		$	305,725		$	319,554		$	594,373		$	563,659
Depreciation allocated to cost of sales			(33,363)			(31,670)			(66,770)			(60,640)
Combined gross profit		$	272,362		$	287,884		$	527,603		$	503,019

(1)	Distillates and other oils (primarily residual oil and crude oil).

(2)	Station operations consist of convenience store and prepared food sales, rental income and sundries.

(3)	Product margin is a non-GAAP financial measure used by management and external users of the Partnership’s consolidated financial statements to assess its business. The table above includes a reconciliation of product margin on a combined basis to gross profit, a directly comparable GAAP measure.

Schedule of reconciliation of the totals reported for the reportable segments to the applicable line items in the consolidated financial statements

The following tables provide the Partnership’s significant segment operating expenses for each reportable segment, as well as a reconciliation of the totals reported for the reportable segments to the applicable line items in the accompanying consolidated financial statements for the periods presented (in thousands):


		Three Months Ended June 30, 2025
		Wholesale			GDSO			Commercial			Consolidated
Sales		$	3,132,500		$	1,218,574		$	275,851		$	4,626,925
Cost of products			3,040,768			1,010,686			269,746			4,321,200
Product margin			91,732			207,888			6,105			305,725
Operating expenses allocated to operating segments:
Wages and benefits (1)			10,985			29,463			—			40,448
Occupancy costs (2)			5,385			27,126			—			32,511
Transactional operating costs (3)			—			22,636			—			22,636
Maintenance (4)			19,083			11,586			—			30,669
Other segment operating expenses			4,517			4,882			—			9,399
Total operating expenses allocated to operating segments		$	39,970		$	95,693		$	—			135,663
Operating expenses not allocated to operating segments:
Depreciation allocated to cost of sales												33,363
Selling, general and administrative expenses												74,775
Amortization expense												1,376
Net loss on sale and disposition of assets												271
Long-lived asset impairment												211
Total operating expenses not allocated to operating expenses												109,996
Operating income												60,066
Income from equity method investments												2,350
Interest expense												(34,523)
Loss on early extinguishment of debt												(2,795)
Income tax benefit												112
Net income											$	25,210

(1)	Includes salary and wages, payroll taxes, fringe benefits and other employee expenses

(2)	Includes rent and leases expenses, property taxes and utilities

(3)	Includes commissions and credit card fees

(4)	Includes maintenance and repairs, environmental and seasonal site maintenance expenses


		Three Months Ended June 30, 2024
		Wholesale			GDSO			Commercial			Consolidated
Sales		$	2,662,688		$	1,466,073		$	280,937		$	4,409,698
Cost of products			2,570,823			1,244,606			274,715			4,090,144
Product margin			91,865			221,467			6,222			319,554
Operating expenses allocated to operating segments:
Wages and benefits (1)			11,397			30,225			—			41,622
Occupancy costs (2)			5,556			26,259			—			31,815
Transactional operating costs (3)			—			24,285			—			24,285
Maintenance (4)			12,373			10,132			—			22,505
Other segment operating expenses			4,247			5,485			—			9,732
Total operating expenses allocated to operating segments		$	33,573		$	96,386		$	—			129,959
Operating expenses not allocated to operating segments:
Depreciation allocated to cost of sales												31,670
Selling, general and administrative expenses												72,370
Amortization expense												1,989
Net gain on sale and disposition of assets												(303)
Total operating expenses not allocated to operating expenses												105,726
Operating income												83,869
Loss from equity method investments												(346)
Interest expense												(35,531)
Income tax expense												(1,843)
Net income											$	46,149

(1)	Includes salary and wages, payroll taxes, fringe benefits and other employee expenses

(2)	Includes rent and leases expenses, property taxes and utilities

(3)	Includes commissions and credit card fees

(4)	Includes maintenance and repairs, environmental and seasonal site maintenance expenses


		Six Months Ended June 30, 2025
		Wholesale			GDSO			Commercial			Consolidated
Sales		$	6,322,936		$	2,345,283		$	550,903		$	9,219,122
Cost of products			6,137,564			1,949,532			537,653			8,624,749
Product margin			185,372			395,751			13,250			594,373
Operating expenses allocated to operating segments:
Wages and benefits (1)			22,863			58,873			—			81,736
Occupancy costs (2)			11,308			53,500			—			64,808
Transactional operating costs (3)			—			43,348			—			43,348
Maintenance (4)			30,731			23,040			—			53,771
Other segment operating expenses			8,703			10,012			—			18,715
Total operating expenses allocated to operating segments		$	73,605		$	188,773		$	—			262,378
Operating expenses not allocated to operating segments:
Depreciation allocated to cost of sales												66,770
Selling, general and administrative expenses												148,492
Amortization expense												2,788
Net gain on sale and disposition of assets												(2,219)
Long-lived asset impairment												211
Total operating expenses not allocated to operating expenses												216,042
Operating income												115,953
Income from equity method investments												2,416
Interest expense												(70,562)
Loss on early extinguishment of debt												(2,795)
Income tax expense												(1,118)
Net income											$	43,894

(1)	Includes salary and wages, payroll taxes, fringe benefits and other employee expenses

(2)	Includes rent and leases expenses, property taxes and utilities

(3)	Includes commissions and credit card fees

(4)	Includes maintenance and repairs, environmental and seasonal site maintenance expenses


		Six Months Ended June 30, 2024
		Wholesale			GDSO			Commercial			Consolidated
Sales		$	5,302,036		$	2,693,518		$	559,536		$	8,555,090
Cost of products			5,160,751			2,284,334			546,346			7,991,431
Product margin			141,285			409,184			13,190			563,659
Operating expenses allocated to operating segments:
Wages and benefits (1)			21,916			61,578			—			83,494
Occupancy costs (2)			11,125			51,828			—			62,953
Transactional operating costs (3)			—			45,231			—			45,231
Maintenance (4)			18,814			21,709			—			40,523
Other segment operating expenses			7,571			10,337			—			17,908
Total operating expenses allocated to operating segments		$	59,426		$	190,683		$	—			250,109
Operating expenses not allocated to operating segments:
Depreciation allocated to cost of sales												60,640
Selling, general and administrative expenses												142,151
Amortization expense												3,858
Net gain on sale and disposition of assets												(2,804)
Total operating expenses not allocated to operating expenses												203,845
Operating income												109,705
Loss from equity method investments												(1,725)
Interest expense												(65,227)
Income tax expense												(2,206)
Net income											$	40,547

(1)	Includes salary and wages, payroll taxes, fringe benefits and other employee expenses

(2)	Includes rent and leases expenses, property taxes and utilities

(3)	Includes commissions and credit card fees

(4)	Includes maintenance and repairs, environmental and seasonal site maintenance expenses

Schedule of total assets by reportable segment

The table below presents total assets by reportable segment at June 30, 2025 and December 31, 2024 (in thousands):


			Wholesale			GDSO			Commercial			Unallocated (1)			Total
June 30, 2025		$	1,217,271		$	1,846,021		$	—		$	721,046		$	3,784,338
December 31, 2024		$	1,333,102		$	1,859,417		$	—		$	595,679		$	3,788,198

(1)	Includes the Partnership’s equity method investments (see Note 10).