Global Partners LP (NYSE:GLP) Q4 2022 Earnings Call Transcript

And without knowing what’s going to happen next, I think as you look out the curve, it’s reasonable to assume that those are the market conditions that we’re going to be dealing with for the balance of ’23. Now obviously, if there’s some sort of event or demand is stronger than anticipated, which I feel like the bias is that it will underperform, not overperform. But any event, I would say inventories are still on the tighter side. So any event could send that in a different direction. But as we — based on our visibility right now, we’re starting to see things trend more towards historical norms than what we saw in 2022.

Unidentified Analyst: Great. That’s really helpful. Sorry, about the mic issues. Just one more question, if you can hear it just on the special distribution, if 2023 is another really good year, is that a tool that you’re thinking about utilizing in the future? Or just kind of any capital allocation ideas going forward?

Gregory Hanson : Sure. I preface anything by saying that the Board makes the decisions on the distribution. I would say that the special distribution was in light of this very strong year we had in 2022 and also related to there was some gains related to — capital gains related to the Revere terminal sale. I think going forward, it all depends on where we are in our capital allocation and what we think the best return of capital is to unitholders. We’ve got an acquisition that we’ve inked in December that we think is a great one for the partnership on the Gulf acquisition. And so I think it’s going to be all dependent on what the best use of capital, that potential return at the time will be for the unitholder.

Operator: We have no further questions at this time. I would now like to turn the floor back over to Mr. Slifka for closing comments.

Eric Slifka : Thank you for joining us this morning. We look forward to keeping you updated on our progress. Enjoy the week, everyone.

Operator: Ladies and gentlemen, this does conclude today’s teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.