Fueling the Future
Q4 2023 Financial Performance
($ in millions)
Product margin (1)
Gross profit
Net income
EBITDA(1)
Adjusted EBITDA (1)
Maintenance capex
DCF(1)
Adjusted DCF(1)
(1) Please refer to Appendix for reconciliation of non-GAAP items.
Q4 2023
Q4 2022
$305.7
$303.8
$280.4
$281.6
$55.3
$57.5
$110.9 $105.3
$112.1
$106.9
$25.4
$26.6
$59.4
$57.3
$58.8
$57.3
Q4 2023 Drivers vs. Q4 2022
↑ Higher fuel margins in GDSO segment
↑ Higher operating income driven in part by lower operating expenses
In Wholesale, less favorable market conditions in distillates, partially offset by more favorable
market conditions in gasoline and residual oil
↓
↓
In Commercial, less favorable market conditions in bunkering
0
GLOBAL
↑ Favorable variance ↓Unfavorable variance
Product Margin Q4 2023
19
GDSO 80%
Station
Operations
22%
Gasoline and Gasoline
Blendstocks
8%
Wholesale 17%
Distillates &
Other Oils 9%
Gasoline
Distribution
58%
Commercial
3%
Product Margin by Segment
($ in millions)
$245.4
$223.2
$70.7
$51.9
$8.4
$9.9
Q4'23 Q4'22
Q4'23 Q4'22
Q4'23 Q4'22
GDSO
Wholesale
CommercialView entire presentation