Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

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,
		2026			2025			2026			2025
Wholesale Segment:
Sales
Gasoline and gasoline blendstocks		$	3,306,838		$	2,139,272		$	5,211,154		$	3,860,692
Distillates and other oils (1)			1,562,444			993,228			3,507,729			2,462,244
Total		$	4,869,282		$	3,132,500		$	8,718,883		$	6,322,936
Product margin
Gasoline and gasoline blendstocks		$	78,410		$	58,794		$	179,577		$	115,963
Distillates and other oils (1)			28,086			32,938			81,011			69,409
Total		$	106,496		$	91,732		$	260,588		$	185,372
Gasoline Distribution and Station Operations Segment:
Sales
Gasoline		$	1,410,442		$	1,077,203		$	2,393,205		$	2,082,558
Station operations (2)			142,184			141,371			264,265			262,725
Total		$	1,552,626		$	1,218,574		$	2,657,470		$	2,345,283
Product margin
Gasoline		$	174,990		$	137,916		$	311,714		$	263,667
Station operations (2)			70,243			69,972			132,811			132,084
Total		$	245,233		$	207,888		$	444,525		$	395,751
Commercial Segment:
Sales		$	370,180		$	275,851		$	737,535		$	550,903
Product margin		$	10,482		$	6,105		$	22,176		$	13,250
Combined sales and Product margin:
Sales		$	6,792,088		$	4,626,925		$	12,113,888		$	9,219,122
Product margin (3)		$	362,211		$	305,725		$	727,289		$	594,373
Depreciation allocated to cost of sales			(33,270)			(33,363)			(66,181)			(66,770)
Combined gross profit		$	328,941		$	272,362		$	661,108		$	527,603

(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, 2026
		Wholesale			GDSO			Commercial			Consolidated
Sales		$	4,869,282		$	1,552,626		$	370,180		$	6,792,088
Cost of products			4,762,786			1,307,393			359,698			6,429,877
Product margin			106,496			245,233			10,482			362,211
Operating expenses allocated to operating segments:
Wages and benefits (1)			11,428			29,720			—			41,148
Occupancy costs (2)			6,035			25,203			—			31,238
Transactional operating costs (3)			—			27,532			—			27,532
Maintenance (4)			16,938			10,494			—			27,432
Other segment operating expenses			4,127			5,357			—			9,484
Total operating expenses allocated to operating segments		$	38,528		$	98,306		$	—			136,834
Operating expenses not allocated to operating segments:
Depreciation allocated to cost of sales												33,270
Selling, general and administrative expenses												83,031
Amortization expense												1,269
Net loss on sale and disposition of assets												444
Total operating expenses not allocated to operating expenses												118,014
Operating income												107,363
Income from equity method investments												1,983
Interest expense												(33,084)
Income tax expense												(5,277)
Net income											$	70,985

(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, 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


		Six Months Ended June 30, 2026
		Wholesale			GDSO			Commercial			Consolidated
Sales		$	8,718,883		$	2,657,470		$	737,535		$	12,113,888
Cost of products			8,458,295			2,212,945			715,359			11,386,599
Product margin			260,588			444,525			22,176			727,289
Operating expenses allocated to operating segments:
Wages and benefits (1)			23,467			58,624			—			82,091
Occupancy costs (2)			12,369			51,544			—			63,913
Transactional operating costs (3)			—			48,623			—			48,623
Maintenance (4)			28,912			22,917			—			51,829
Other segment operating expenses			8,541			11,071			—			19,612
Total operating expenses allocated to operating segments		$	73,289		$	192,779		$	—			266,068
Operating expenses not allocated to operating segments:
Depreciation allocated to cost of sales												66,181
Selling, general and administrative expenses												182,381
Amortization expense												2,539
Net gain on sale and disposition of assets												(2,982)
Total operating expenses not allocated to operating expenses												248,119
Operating income												213,102
Income from equity method investments												2,722
Interest expense												(68,587)
Income tax expense												(6,116)
Net income											$	141,121

(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

Schedule of total assets by reportable segment

The table below presents total assets by reportable segment at June 30, 2026 and December 31, 2025 (in thousands):


			Wholesale			GDSO			Commercial			Unallocated (1)			Total
June 30, 2026		$	1,331,989		$	1,842,298		$	—		$	847,264		$	4,021,551
December 31, 2025		$	1,329,899		$	1,825,524		$	—		$	695,294		$	3,850,717

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