Investor Presentaiton
Q3 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.
Q3 2023 Q3 2022
$252.1
$351.3
$228.5
$328.4
$26.8
$111.4
$76.7
$168.2
$77.7 $168.5
$12.2 $10.5
$42.2 $128.0
$43.3
$128.0
Q3 2023 Drivers vs. Q3 2022
↑
Increased convenience store activity in part due to the September 2022 acquisition of
Tidewater Convenience
↓
Lower fuel margins in gasoline distribution compared to uniquely strong fuel margins in Q3
2022
Excessive rain in the Northeast decreased demand for fuel and convenience store products
and sundries in GDSO
Less favorable market conditions in gasoline, distillates and residual in Wholesale and in
bunkering in Commercial
GLOBAL
Favorable variance ↓Unfavorable variance
Product Margin Q3 2023
GDSO 82%
Station
Operations
30%
Gasoline
Distribution
52%
20
20
Gasoline and Gasoline
Blendstocks
8%
Wholesale 15%
Distillates &
Other Oils 7%
Commercial
3%
Product Margin by Segment
($ in millions)
$261.6
$206.5
$79.3
$37.2
$8.4 $10.4
Q3'23 Q3'22
Q3'23 Q3'22
Q3'23 Q3'22
GDSO
Wholesale
CommercialView entire presentation