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Crossamerica Partners Lp  (CAPL)
Other Ticker:  
 
    Sector  Energy    Industry Oil Refineries
   Industry Oil Refineries
   Sector  Energy
 


Crossamerica Partners Lp Segments

 
 

Business Segments II. Quarter
Revenues
(in millions $)
(Jun 30 2022)
%
(of total Revenues)
II. Quarter
Income
(in millions $)
(Jun 30 2022)
%
(Profit Margin)
Total
1,546.63 100 % 13.97 0.9 %

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Growth rates by Segment II. Quarter
Y/Y Revenue
%
(Jun 30 2022)
Q/Q Revenue
%
II. Quarter
Y/Y Income
%
(Jun 30 2022)
Q/Q Income
%
Total
142.33 % 33.32 % -34.14 % 176.72 %

• View Growth rates • View Competitors Segment Growth • View Market Share

To get more information on Crossamerica Partners Lp's Total segment. Select each division with the arrow.

  Crossamerica Partners Lp's

Business Segments Description



Wholesale Segment
Our primary operation is the wholesale distribution of motor fuel. Our Wholesale segment generated 2016 revenues of $1.6 billion. We are one of the ten largest independent distributors by volume in the United States for ExxonMobil, BP and Motiva (Shell), and we also distribute Chevron, Sunoco, Valero, Gulf, Citgo, Marathon and Phillips 66-branded motor fuels (approximately 83% of the motor fuel we distributed during 2016 was branded). We receive a fixed mark-up per gallon on approximately 87% of gallons sold to our customers. The remaining gallons are primarily DTW priced contracts with our customers. These contracts provide for variable, market based pricing. An increase in DTW gross profit results from the acquisition cost of wholesale motor fuel declining at a faster rate as compared to the rate retail motor fuel prices decline. Conversely, our DTW motor fuel gross profit declines when the cost of wholesale motor fuel increases at a faster rate as compared to the rate retail motor fuel prices increase.
Regarding our supplier relationships, a majority of our total gallons purchased are subject to discounts for prompt payment and other rebates and incentives, which are recorded within cost of sales. Prompt payment discounts are based on a percentage of the purchase price of motor fuel. As such, the dollar value of these discounts increase and decrease corresponding with motor fuel prices. Therefore, in periods of lower wholesale motor fuel prices, our gross profit is negatively affected and, in periods of higher wholesale motor fuel prices, our gross profit is positively affected (as it relates to these discounts). Based on our current volumes, we estimate a $10 per barrel change in the price of crude oil would impact our overall annual wholesale motor fuel gross profit by approximately $2.2 million related to these payment discounts.

Independent Dealer Sites

The independent dealer owns or leases the property and owns all motor fuel and convenience store inventory.

We contract to exclusively distribute motor fuel to the independent dealer at a fixed mark-up per gallon or, in some cases, DTW.

Distribution contracts with independent dealers are typically 7 to 10 years in length.

As of December 31, 2016, the average remaining distribution contract term was 5.6 years.
Lessee Dealer Sites

We own or lease the property and then lease or sublease the site to a dealer.

The lessee dealer owns all motor fuel and retail site inventory and sets its own pricing and gross profit margins.

We collect wholesale motor fuel margins at a fixed mark-up per gallon or, in some cases, DTW.

Under our distribution contracts, we agree to supply a particular branded motor fuel or unbranded motor fuel to a site or group of sites and arrange for all transportation.

Exclusive distribution contracts with dealers who lease property from us run concurrent in length to the retail site’s lease period (generally 3 to 10 years).

Leases are generally triple net leases.


DMS Sites

We own or lease the property and then lease or sublease the site to DMS.

We entered into a 15-year motor fuel distribution agreement with DMS pursuant to which we distribute to DMS motor fuel at a fixed mark-up per gallon.

We entered into 15-year triple-net lease agreements with DMS pursuant to which DMS leases sites from us.

DMS owns motor fuel and retail site inventory and sets its own pricing and gross profit margin.

CST Sites

In conjunction with the joint acquisitions of Nice N Easy and Landmark with CST, we own the property and lease the retail sites to CST. Concurrently with these acquisitions, we entered into a 10-year motor fuel distribution agreement with CST, pursuant to which we distribute to CST motor fuels at a fixed mark-up per gallon.

We lease sites to CST under a 10-year triple-net master lease agreement.

CST owns all motor fuel and retail site inventory and sets its own pricing and gross profit margin.

Retail Segment
Our Retail segment generated 2016 revenues of $467 million. We own or lease and operate retail sites. Subsequent to an acquisition, we evaluate the eventual long-term operation of each retail site acquired: (a) to be converted into a lessee dealer or (b) other strategic alternatives, including divestiture or longer term operation as a retail site. By converting retail sites into lessee dealers, we continue to benefit from motor fuel distribution volumes as well as rental income from lease or sublease arrangements while reducing operating expenses. For the year ended December 31, 2016, we converted 77 company operated retail sites in our Retail segment to lessee dealers in our Wholesale segment. As of December 31, 2016, we continue to operate 76 retail sites, including three liquor stores to which we do not distribute fuel on a wholesale basis.
Company Operated Sites

We own or lease the property, operate the retail site and retain all profits from motor fuel and retail site operations.

We own the motor fuel inventory at the sites and set the motor fuel pricing at the sites.

We maintain inventory from the time of the purchase of motor fuel from third party suppliers until the retail sale to the end customer. On average, we maintain approximately 5-days’ worth of motor fuel sales in inventory at each site.

LGW distributes on a wholesale basis all of the motor fuel required by our company operated sites, which owns the motor fuel inventory and distributes motor fuel to retail customers. LGW records qualifying wholesale motor fuel distribution gross income and LGWS records the non-qualifying retail distribution gross income.
Commission Sites

We own or lease the property and then lease or sublease the site to the commission agent, who pays rent to us and operates all the non-fuel related operations at the sites for its own account.

We own the motor fuel inventory at the sites, set the motor fuel pricing at the sites, and generate revenue from the retail sale of motor fuels to the end customer.

We pay the commission agent a commission for each gallon of fuel sold at the site.

LGW distributes motor fuel on a wholesale basis to LGWS, which owns the motor fuel inventory and distributes motor fuel to commission sites. LGW records qualifying wholesale motor fuel distribution gross income and LGWS records the non-qualifying retail gross income.

   

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