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Global Partners (GLP) Acquires Gulf Oil Terminals Worth $212M
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Global Partners LP (GLP - Free Report) , a U.S.-based midstream energy company, has closed the acquisition of four liquid energy terminals from Gulf Oil Limited Partnership in a deal worth $212.3 million. The partnership mentioned that the strategic locations of the acquired terminals will aid GLP’s position in key areas of the energy economy of the Northeast United States. The terminals are located in Chelsea, MA; New Haven, CT; and Linden and Woodbury, NJ.
These terminals, which boast a combined shell capacity of 3 million barrels, will allow Global Partners to expand its storage capacity and ability to distribute gasoline, distillates and ethanol. The partnership also noted that the transaction was aligned with its overall strategy of acquiring and investing in assets that would allow it to leverage its integrated network in high-demand markets.
The newly acquired terminals are perfectly aligned with Global Partners’ network expansion strategy. The terminals located in Linden and Woodbury, NJ, allow the partnership to access new markets. The addition of the New Haven terminal enhances the gasoline capabilities of Global Partners’ terminal portfolio in Connecticut.
Furthermore, the terminal located at Chelsea allows the partnership to maintain its presence in the Boston market. The Chelsea terminal will be particularly useful in replacing the capabilities of its Revere terminal, which Global Partners had divested in 2022 for $150 million.
GLP has been enthusiastic about finalizing the acquisition. The partnership has mentioned the significance of the newly acquired assets in strengthening its existing operations. The acquisition should help the partnership in gaining access to newer opportunities and enhancing its competitive advantage in the energy markets.
Zacks Rank and Other Key Picks
Currently, GLP holds a Zacks Rank #1 (Strong Buy).
Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
SM Energy is an upstream energy firm operating in the prolific Midland Basin region and the South Texas region. For 2024, the company expects its production to increase from the prior- year reported figure, signaling a bright production outlook.
Hess Midstream LP owns, operates, develops and acquires a wide range of midstream assets, providing services to Hess and other third-party customers. The partnership has a stable fee-based revenue model secured via long-term commercial contracts. Since Hess Midstream operates through 100% fee-based contracts, it is exposed to minimal commodity price risks.
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Global Partners (GLP) Acquires Gulf Oil Terminals Worth $212M
Global Partners LP (GLP - Free Report) , a U.S.-based midstream energy company, has closed the acquisition of four liquid energy terminals from Gulf Oil Limited Partnership in a deal worth $212.3 million. The partnership mentioned that the strategic locations of the acquired terminals will aid GLP’s position in key areas of the energy economy of the Northeast United States. The terminals are located in Chelsea, MA; New Haven, CT; and Linden and Woodbury, NJ.
These terminals, which boast a combined shell capacity of 3 million barrels, will allow Global Partners to expand its storage capacity and ability to distribute gasoline, distillates and ethanol. The partnership also noted that the transaction was aligned with its overall strategy of acquiring and investing in assets that would allow it to leverage its integrated network in high-demand markets.
The newly acquired terminals are perfectly aligned with Global Partners’ network expansion strategy. The terminals located in Linden and Woodbury, NJ, allow the partnership to access new markets. The addition of the New Haven terminal enhances the gasoline capabilities of Global Partners’ terminal portfolio in Connecticut.
Furthermore, the terminal located at Chelsea allows the partnership to maintain its presence in the Boston market. The Chelsea terminal will be particularly useful in replacing the capabilities of its Revere terminal, which Global Partners had divested in 2022 for $150 million.
GLP has been enthusiastic about finalizing the acquisition. The partnership has mentioned the significance of the newly acquired assets in strengthening its existing operations. The acquisition should help the partnership in gaining access to newer opportunities and enhancing its competitive advantage in the energy markets.
Zacks Rank and Other Key Picks
Currently, GLP holds a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks in the energy sector are Archrock Inc. (AROC - Free Report) , SM Energy (SM - Free Report) and Hess Midstream LP (HESM - Free Report) . Archrock and SM Energy presently sport a Zacks Rank #1 each, while Hess Midstream carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
SM Energy is an upstream energy firm operating in the prolific Midland Basin region and the South Texas region. For 2024, the company expects its production to increase from the prior- year reported figure, signaling a bright production outlook.
Hess Midstream LP owns, operates, develops and acquires a wide range of midstream assets, providing services to Hess and other third-party customers. The partnership has a stable fee-based revenue model secured via long-term commercial contracts. Since Hess Midstream operates through 100% fee-based contracts, it is exposed to minimal commodity price risks.