| 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 | | Nine Months Ended | | | | September 30, | | September 30, | | | | 2026 | | 2025 | | 2026 | | 2025 | | Wholesale Segment: | | | | | | | | | | | | | | Sales | | | | | | | | | | | | | | Gasoline and gasoline blendstocks | | $ | 3,197,535 | | $ | 2,088,003 | | $ | 8,408,689 | | $ | 5,948,695 | | Distillates and other oils (1) | | | 1,542,478 | | | 1,029,819 | | | 5,050,207 | | | 3,492,063 | | Total | | $ | 4,740,013 | | $ | 3,117,822 | | $ | 13,458,896 | | $ | 9,440,758 | | Product margin | | | | | | | | | | | | | | Gasoline and gasoline blendstocks | | $ | 75,763 | | $ | 61,480 | | $ | 255,340 | | $ | 177,443 | | Distillates and other oils (1) | | | 35,625 | | | 16,499 | | | 116,636 | | | 85,908 | | Total | | $ | 111,388 | | $ | 77,979 | | $ | 371,976 | | $ | 263,351 | | Gasoline Distribution and Station Operations Segment: | | | | | | | | | | | | | | Sales | | | | | | | | | | | | | | Gasoline | | $ | 1,437,833 | | $ | 1,126,839 | | $ | 3,831,038 | | $ | 3,209,397 | | Station operations (2) | | | 150,705 | | | 151,906 | | | 414,970 | | | 414,631 | | Total | | $ | 1,588,538 | | $ | 1,278,745 | | $ | 4,246,008 | | $ | 3,624,028 | | Product margin | | | | | | | | | | | | | | Gasoline | | $ | 136,776 | | $ | 144,763 | | $ | 448,490 | | $ | 408,430 | | Station operations (2) | | | 73,867 | | | 74,132 | | | 206,678 | | | 206,216 | | Total | | $ | 210,643 | | $ | 218,895 | | $ | 655,168 | | $ | 614,646 | | Commercial Segment: | | | | | | | | | | | | | | Sales | | $ | 355,837 | | $ | 297,849 | | $ | 1,093,372 | | $ | 848,752 | | Product margin | | $ | 7,084 | | $ | 6,998 | | $ | 29,260 | | $ | 20,248 | | Combined sales and Product margin: | | | | | | | | | | | | | | Sales | | $ | 6,684,388 | | $ | 4,694,416 | | $ | 18,798,276 | | $ | 13,913,538 | | Product margin (3) | | $ | 329,115 | | $ | 303,872 | | $ | 1,056,404 | | $ | 898,245 | | Depreciation allocated to cost of sales | | | (33,149) | | | (32,504) | | | (99,330) | | | (99,274) | | Combined gross profit | | $ | 295,966 | | $ | 271,368 | | $ | 957,074 | | $ | 798,971 | |
| (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. |
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| 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 September 30, 2026 | | | | Wholesale | | GDSO | | Commercial | | Consolidated | | Sales | | $ | 4,740,013 | | $ | 1,588,538 | | $ | 355,837 | | $ | 6,684,388 | | Cost of products | | | 4,628,625 | | | 1,377,895 | | | 348,753 | | | 6,355,273 | | Product margin | | | 111,388 | | | 210,643 | | | 7,084 | | | 329,115 | | Operating expenses allocated to operating segments: | | | | | | | | | | | | | | Wages and benefits (1) | | | 11,326 | | | 30,074 | | | — | | | 41,400 | | Occupancy costs (2) | | | 5,513 | | | 25,930 | | | — | | | 31,443 | | Transactional operating costs (3) | | | — | | | 27,989 | | | — | | | 27,989 | | Maintenance (4) | | | 10,511 | | | 10,766 | | | — | | | 21,277 | | Other segment operating expenses | | | 4,268 | | | 4,765 | | | — | | | 9,033 | | Total operating expenses allocated to operating segments | | $ | 31,618 | | $ | 99,524 | | $ | — | | | 131,142 | | Operating expenses not allocated to operating segments: | | | | | | | | | | | | | | Depreciation allocated to cost of sales | | | | | | | | | | | | 33,149 | | Selling, general and administrative expenses | | | | | | | | | | | | 79,350 | | Amortization expense | | | | | | | | | | | | 1,270 | | Net loss on sale and disposition of assets | | | | | | | | | | | | 533 | | Total operating expenses not allocated to operating expenses | | | | | | | | | | | | 114,302 | | Operating income | | | | | | | | | | | | 83,671 | | Income from equity method investments | | | | | | | | | | | | 884 | | Interest expense | | | | | | | | | | | | (31,397) | | Income tax expense | | | | | | | | | | | | (800) | | Net income | | | | | | | | | | | $ | 52,358 | |
| (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 September 30, 2025 | | | | Wholesale | | GDSO | | Commercial | | Consolidated | | Sales | | $ | 3,117,822 | | $ | 1,278,745 | | $ | 297,849 | | $ | 4,694,416 | | Cost of products | | | 3,039,843 | | | 1,059,850 | | | 290,851 | | | 4,390,544 | | Product margin | | | 77,979 | | | 218,895 | | | 6,998 | | | 303,872 | | Operating expenses allocated to operating segments: | | | | | | | | | | | | | | Wages and benefits (1) | | | 11,142 | | | 30,593 | | | — | | | 41,735 | | Occupancy costs (2) | | | 5,577 | | | 27,065 | | | — | | | 32,642 | | Transactional operating costs (3) | | | — | | | 24,114 | | | — | | | 24,114 | | Maintenance (4) | | | 13,152 | | | 10,610 | | | — | | | 23,762 | | Other segment operating expenses | | | 4,499 | | | 5,753 | | | — | | | 10,252 | | Total operating expenses allocated to operating segments | | $ | 34,370 | | $ | 98,135 | | $ | — | | | 132,505 | | Operating expenses not allocated to operating segments: | | | | | | | | | | | | | | Depreciation allocated to cost of sales | | | | | | | | | | | | 32,504 | | Selling, general and administrative expenses | | | | | | | | | | | | 76,289 | | Amortization expense | | | | | | | | | | | | 1,275 | | Net gain on sale and disposition of assets | | | | | | | | | | | | (136) | | Long-lived asset impairment | | | | | | | | | | | | 20 | | Total operating expenses not allocated to operating expenses | | | | | | | | | | | | 109,952 | | Operating income | | | | | | | | | | | | 61,415 | | Income from equity method investments | | | | | | | | | | | | 655 | | Interest expense | | | | | | | | | | | | (33,316) | | Loss on early extinguishment of debt | | | | | | | | | | | | (176) | | Income tax benefit | | | | | | | | | | | | 447 | | Net income | | | | | | | | | | | $ | 29,025 | |
| (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 |
| | | | | | | | | | | | | | | | Nine Months Ended September 30, 2026 | | | | Wholesale | | GDSO | | Commercial | | Consolidated | | Sales | | $ | 13,458,896 | | $ | 4,246,008 | | $ | 1,093,372 | | $ | 18,798,276 | | Cost of products | | | 13,086,920 | | | 3,590,840 | | | 1,064,112 | | | 17,741,872 | | Product margin | | | 371,976 | | | 655,168 | | | 29,260 | | | 1,056,404 | | Operating expenses allocated to operating segments: | | | | | | | | | | | | | | Wages and benefits (1) | | | 34,793 | | | 88,698 | | | — | | | 123,491 | | Occupancy costs (2) | | | 17,882 | | | 77,474 | | | — | | | 95,356 | | Transactional operating costs (3) | | | — | | | 76,612 | | | — | | | 76,612 | | Maintenance (4) | | | 39,423 | | | 33,683 | | | — | | | 73,106 | | Other segment operating expenses | | | 12,809 | | | 15,836 | | | — | | | 28,645 | | Total operating expenses allocated to operating segments | | $ | 104,907 | | $ | 292,303 | | $ | — | | | 397,210 | | Operating expenses not allocated to operating segments: | | | | | | | | | | | | | | Depreciation allocated to cost of sales | | | | | | | | | | | | 99,330 | | Selling, general and administrative expenses | | | | | | | | | | | | 261,731 | | Amortization expense | | | | | | | | | | | | 3,809 | | Net gain on sale and disposition of assets | | | | | | | | | | | | (2,449) | | Total operating expenses not allocated to operating expenses | | | | | | | | | | | | 362,421 | | Operating income | | | | | | | | | | | | 296,773 | | Income from equity method investments | | | | | | | | | | | | 3,606 | | Interest expense | | | | | | | | | | | | (99,984) | | Income tax expense | | | | | | | | | | | | (6,916) | | Net income | | | | | | | | | | | $ | 193,479 | |
| (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 |
| | | | | | | | | | | | | | | | Nine Months Ended September 30, 2025 | | | | Wholesale | | GDSO | | Commercial | | Consolidated | | Sales | | $ | 9,440,758 | | $ | 3,624,028 | | $ | 848,752 | | $ | 13,913,538 | | Cost of products | | | 9,177,407 | | | 3,009,382 | | | 828,504 | | | 13,015,293 | | Product margin | | | 263,351 | | | 614,646 | | | 20,248 | | | 898,245 | | Operating expenses allocated to operating segments: | | | | | | | | | | | | | | Wages and benefits (1) | | | 34,005 | | | 89,466 | | | — | | | 123,471 | | Occupancy costs (2) | | | 16,885 | | | 80,565 | | | — | | | 97,450 | | Transactional operating costs (3) | | | — | | | 67,462 | | | — | | | 67,462 | | Maintenance (4) | | | 43,883 | | | 33,650 | | | — | | | 77,533 | | Other segment operating expenses | | | 13,202 | | | 15,765 | | | — | | | 28,967 | | Total operating expenses allocated to operating segments | | $ | 107,975 | | $ | 286,908 | | $ | — | | | 394,883 | | Operating expenses not allocated to operating segments: | | | | | | | | | | | | | | Depreciation allocated to cost of sales | | | | | | | | | | | | 99,274 | | Selling, general and administrative expenses | | | | | | | | | | | | 224,781 | | Amortization expense | | | | | | | | | | | | 4,063 | | Net gain on sale and disposition of assets | | | | | | | | | | | | (2,355) | | Long-lived asset impairment | | | | | | | | | | | | 231 | | Total operating expenses not allocated to operating expenses | | | | | | | | | | | | 325,994 | | Operating income | | | | | | | | | | | | 177,368 | | Income from equity method investments | | | | | | | | | | | | 3,071 | | Interest expense | | | | | | | | | | | | (103,878) | | Loss on early extinguishment of debt | | | | | | | | | | | | (2,971) | | Income tax expense | | | | | | | | | | | | (671) | | Net income | | | | | | | | | | | $ | 72,919 | |
| (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 |
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