Balance Sheet Highlights and Strategic Overview
Q2 2023 Financial Performance
($ in millions)
Product margin (1)
Gross profit
Net income (2)
EBITDA (1) (2)
Adjusted EBITDA(1)
Maintenance capex
DCF(1) (2)
(1) Please refer to Appendix for reconciliation of non-GAAP items.
Product Margin Q2 2023
GDSO 75%
$265.6
Q2 2023 Q2 2022
$301.9
$242.7 $281.5
$41.4
$162.8
$90.7 $211.8
$91.6 $134.9
$13.6
$9.8
$54.8
$178.2
(2) Includes a net gain on sale and disposition of assets of $76.8M for Q-2 2022, primarily related to the sale of the Partnership's
terminal in Revere, Mass.
Station
Operations
27%
Gasoline and Gasoline
Blendstocks
15%
Wholesale 23%
Gasoline
Distribution
48%
Distillates &
Other Oils 8%
Commercial
2%
Product Margin by Segment
($ in millions)
↑
↓
Q2 2023 Drivers vs. Q2 2022
An increase in convenience store activity, including the 2022 acquisition of Tidewater
Convenience
Less favorable market conditions in the Wholesale and Commercial bunkering segments vs.
Q2 2022, during which significant volatility in refined product prices positively impacted
product margins
Increased SG&A expenses, primarily due to costs related to the sale of the Revere Terminal
$199.1 $198.9
0
GLOBAL
↑ Favorable variance
↓Unfavorable variance
$90.5
$59.7
$6.8 $12.5
Q2'23 Q2'22
Q2'23 Q2'22
Q2'23 Q2'22
GDSO
Wholesale
Commercial
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