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Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting

Schedule of summary of financial information for the reportable segments

Summarized financial information for the Partnership’s reportable segments for the years ended December 31 is presented in the table below (in thousands):


		2025			2024			2023
Wholesale Segment:
Sales
Gasoline and gasoline blendstocks		$	7,793,230		$	6,541,224		$	5,897,428
Distillates and other oils (1)			4,865,695			4,176,681			3,715,888
Total		$	12,658,925		$	10,717,905		$	9,613,316
Product margin
Gasoline and gasoline blendstocks		$	205,576		$	181,802		$	105,165
Distillates and other oils (1)			116,098			110,430			96,747
Total		$	321,674		$	292,232		$	201,912
Gasoline Distribution and Station Operations Segment:
Sales
Gasoline		$	4,237,035		$	4,807,765		$	5,268,268
Station operations (2)			546,655			565,839			572,266
Total		$	4,783,690		$	5,373,604		$	5,840,534
Product margin
Gasoline		$	574,052		$	578,737		$	558,516
Station operations (2)			271,936			281,745			276,040
Total		$	845,988		$	860,482		$	834,556
Commercial Segment:
Sales		$	1,118,806		$	1,072,057		$	1,038,324
Product margin		$	26,284		$	31,354		$	31,722
Combined sales and Product margin:
Sales		$	18,561,421		$	17,163,566		$	16,492,174
Product margin (3)		$	1,193,946		$	1,184,068		$	1,068,190
Depreciation allocated to cost of sales			(131,893)			(126,172)			(94,550)
Combined gross profit		$	1,062,053		$	1,057,896		$	973,640

(1)	Distillates and other oils (primarily residual oil and crude oil).

(2)	Station operations consist of convenience store and prepared food sales, rental income and sundries.

(3)	Product margin is a non-GAAP financial measure used by management and external users of the Partnership’s consolidated financial statements to assess its business. The table above includes a reconciliation of product margin on a combined basis to gross profit, a directly comparable GAAP measure.

Schedule of reconciliation of the totals reported for the reportable segments to the applicable line items in the consolidated financial statements

The following tables provide the Partnership’s significant segment operating expenses for each reportable segment that are regularly provided to the CODM, as well as a reconciliation of the totals reported for the reportable segments to the applicable line items in the consolidated financial statements for the years ended December 31 (in thousands):


		Year Ended December 31, 2025
		Wholesale			GDSO			Commercial			Consolidated
Sales		$	12,658,925		$	4,783,690		$	1,118,806		$	18,561,421
Cost of products			12,337,251			3,937,702			1,092,522			17,367,475
Product margin			321,674			845,988			26,284			1,193,946
Operating expenses allocated to operating segments:
Wages and benefits (1)			45,632			118,325			—			163,957
Occupancy costs (2)			23,207			109,178			—			132,385
Transactional operating costs (3)			—			90,193			—			90,193
Maintenance (4)			49,720			43,672			—			93,392
Other segment operating expenses			17,962			21,561			—			39,523
Total operating expenses allocated to operating segments		$	136,521		$	382,929		$	—			519,450
Operating expenses not allocated to operating segments:
Depreciation allocated to cost of sales												131,893
Selling, general and administrative expenses												305,702
Amortization expense												5,332
Net gain on sale and disposition of assets												(3,326)
Long-lived asset impairment												231
Total operating expenses not allocated to operating expenses												439,832
Operating income												234,664
Income from equity method investments												4,509
Interest expense												(137,162)
Loss on early extinguishment of debt												(2,971)
Income tax expense												(1,063)
Net income											$	97,977

(1)	Includes salary and wages, payroll taxes, fringe benefits and other employee expenses

(2)	Includes rent and leases expenses, property taxes and utilities

(3)	Includes commissions and credit card fees

(4)	Includes maintenance and repairs, environmental and seasonal site maintenance expenses


		Year Ended December 31, 2024
		Wholesale			GDSO			Commercial			Consolidated
Sales		$	10,717,905		$	5,373,604		$	1,072,057		$	17,163,566
Cost of products			10,425,673			4,513,122			1,040,703			15,979,498
Product margin			292,232			860,482			31,354			1,184,068
Operating expenses allocated to operating segments:
Wages and benefits (1)			44,775			121,325			—			166,100
Occupancy costs (2)			22,927			105,585			—			128,512
Transactional operating costs (3)			—			92,938			—			92,938
Maintenance (4)			46,873			43,005			—			89,878
Other segment operating expenses			16,439			21,460			—			37,899
Total operating expenses allocated to operating segments		$	131,014		$	384,313		$	—			515,327
Operating expenses not allocated to operating segments:
Depreciation allocated to cost of sales												126,172
Selling, general and administrative expenses												292,073
Amortization expense												8,275
Net gain on sale and disposition of assets												(9,494)
Long-lived asset impairment												492
Total operating expenses not allocated to operating expenses												417,518
Operating income												251,223
Loss from equity method investments												(1,514)
Interest expense												(134,773)
Income tax expense												(4,609)
Net income											$	110,327

(1)	Includes salary and wages, payroll taxes, fringe benefits and other employee expenses

(2)	Includes rent and leases expenses, property taxes and utilities

(3)	Includes commissions and credit card fees

(4)	Includes maintenance and repairs, environmental and seasonal site maintenance expenses


		Year Ended December 31, 2023
		Wholesale			GDSO			Commercial			Consolidated
Sales		$	9,613,316		$	5,840,534		$	1,038,324		$	16,492,174
Cost of products			9,411,404			5,005,978			1,006,602			15,423,984
Product margin			201,912			834,556			31,722			1,068,190
Operating expenses allocated to operating segments:
Wages and benefits (1)			22,717			122,346			—			145,063
Occupancy costs (2)			13,515			103,118			—			116,633
Transactional operating costs (3)			—			94,518			—			94,518
Maintenance (4)			17,936			45,320			—			63,256
Other segment operating expenses			8,760			22,397			—			31,157
Total operating expenses allocated to operating segments		$	62,928		$	387,699		$	—			450,627
Operating expenses not allocated to operating segments:
Depreciation allocated to cost of sales												94,550
Selling, general and administrative expenses												273,733
Amortization expense												8,136
Net gain on sale and disposition of assets												(2,626)
Total operating expenses not allocated to operating expenses												373,793
Operating income												243,770
Income from equity investments												2,503
Interest expense												(85,631)
Income tax expense												(8,136)
Net income											$	152,506

(1)	Includes salary and wages, payroll taxes, fringe benefits and other employee expenses

(2)	Includes rent and leases expenses, property taxes and utilities

(3)	Includes commissions and credit card fees

(4)	Includes maintenance and repairs environmental and seasonal site maintenance expenses

Schedule of total assets by reportable segment

The table below presents total assets by reportable segment at December 31 (in thousands):


			Wholesale			GDSO			Commercial			Unallocated (1)			Total
December 31, 2025		$	1,329,899		$	1,825,524		$	—		$	695,294		$	3,850,717
December 31, 2024		$	1,333,102		$	1,859,417		$	—		$	595,679		$	3,788,198

(1)	Includes the Partnership’s equity method investments (see Note 17).