Global Partners LP (NYSE: GLP) has just declared a quarterly cash distribution of $0.59375 per unit ($2.375 per unit on an annualized basis) on the partnership's 9.50% fixed-rate Series B preferred units for the period from February 15, 2024, through May 14, 2024. This is a significant increase from the previous period's distribution of $0.5625 per unit and $2.25 per unit on an annualized basis.
Global Partners LP, a Fortune 500 company, has evolved into an industry-leading integrated owner, supplier, and operator of liquid energy terminals, fueling locations, and guest-focused retail experiences. The company operates or maintains dedicated storage at 53 liquid energy terminals, distributed across a vast network spanning from Maine to Florida and into the U.S. Gulf states.
In addition, the company also owns, supplies, and operates more than 1,700 retail locations across 12 Northeast states, the Mid-Atlantic, and Texas. Despite its historical legacy of over 90 years, Global Partners LP continues to diversify to meet the needs of the energy transition.
On May 15, 2024, the declared distribution will be paid to Series B preferred unitholders of record as of the opening of business on May 1, 2024.
Global Partners LP, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol "GLP." Following these announcements, the company's shares moved -0.8%, and are now trading at a price of $45.43. For the full picture, make sure to review Global's 8-K report.
