Global Partners LP Declares Quarterly Cash Distribution for 2025
Global Partners LP Declares Quarterly Cash Distribution
Global Partners LP (NYSE: GLP) has recently made an important announcement regarding its quarterly cash distribution. The Board of Directors of Global GP LLC, the general partner of the Partnership, has declared a cash distribution of $0.59375 per unit, which translates to an annualized total of $2.375 per unit on its 9.50% fixed-rate Series B preferred units. This announcement comes as the company looks towards the next quarter with optimism.
Details of the Distribution Announcement
The distribution will cover the period from November 15 to February 14. Shareholders can expect to receive this payment on February 18, 2025, with the record date set for February 3, 2025. Such proactive measures by the Board demonstrate a commitment to providing value to its investors while reinforcing the company's financial health.
Understanding Non-U.S. Withholding Information
In the context of this distribution, Global Partners is also addressing its non-U.S. investors. A notice will be sent to brokers and nominees who hold Global Partners LP units on behalf of these investors. These distributions are considered as income effectively connected with a U.S. trade or business. This means that investors could see federal income tax withholding at the highest applicable rate, plus an additional ten percent.
Implications for Non-U.S. Investors
It's crucial for non-U.S. investors to be aware that their potential tax obligations could be impacted by this distribution. Brokers and nominees are designated as the withholding agents who will manage the distributions on behalf of these investors. This clarification allows for seamless transactions and compliance with tax regulations.
The Legacy of Global Partners LP
Global Partners LP has a rich history spanning over 90 years, transforming into a prominent Fortune 500 company. Known for being an integrated owner, supplier, and operator of various liquid energy terminals, the company has made significant strides in the energy sector. Global Partners operates or maintains a substantial network of 54 liquid energy terminals with connections to pivotal rail, pipeline, and marine assets from the Northeast down to the Gulf States.
Services and Operations
The company distributes an array of products including gasoline, distillates, residual oil, and innovative renewable fuels. Through its comprehensive infrastructure, Global Partners interfaces with wholesalers and retailers while serving commercial customers’ energy needs. Additionally, the company operates more than 1,700 retail locations in multiple states, providing essential fuels to keep consumers moving and convenience offerings within reach.
Acknowledgment of Market Position
Recognized as one of Fortune’s Most Admired Companies, Global Partners LP is dedicated to evolving and diversifying its offerings to adapt to the growing demands of the energy transition. The Partnership is well-positioned within the industry, making it a significant player in energy sustainability.
Trading and Investment Insights
Trading under the ticker symbol “GLP” on the New York Stock Exchange, Global Partners LP presents a compelling opportunity for investors looking to engage in the liquid energy market. Their progressive strategies and commitment to delivering value to shareholders are indicative of a well-managed company poised for continued growth.
Frequently Asked Questions
What is the declared cash distribution for Global Partners LP?
The declared cash distribution is $0.59375 per unit for the Series B preferred units.
When will the distribution be paid?
The distribution will be paid on February 18, 2025, to shareholders of record as of February 3, 2025.
How does this affect non-U.S. investors?
Non-U.S. investors should note that distributions will be treated as income associated with U.S. business, subjecting them to withholding taxes.
What is Global Partners LP known for?
Global Partners LP is recognized for its extensive network of liquid energy terminals and retail locations, specializing in energy supply and distribution.
What ticker symbol does Global Partners LP trade under?
Global Partners LP trades under the ticker symbol “GLP” on the NYSE.
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