Interest Rate Risk We are subject to market risk from exposure to changes in interest rates based on our financing, investing and cash management activities. As of June 30, 2026, we had $289 million of variable rate debt outstanding. A hypothetical change of 100 basis points would result in a maximum potential change to interest expense of approximately $3 million annually. Our primary exposure relates to: •interest rate risk on short-term borrowings; and •the impact of interest rate movements on our ability to obtain adequate financing to fund future acquisitions. While we cannot predict or manage our ability to refinance existing debt or the impact interest rate movements will have on our existing debt, management evaluates our financial position on an ongoing basis. From time to time, we may enter into interest rate swaps to reduce the impact of changes in interest rates on our floating rate debt. The following table summarizes our interest rate swaps outstanding, none of which were designated as hedges for accounting purposes (dollar amounts presented in millions): Notional Amount Outstanding Term Type (1) June 30, 2026 December 2030 (2) Pay an average fixed rate of 2.5095% and receive a floating rate $ 126 (1)Floating rates are based on EURIBOR. (2)The December 2030 interest rate swap was acquired in conjunction with the Partnership's acquisition of TanQuid in 2026, with a notional amount of €111 million ($126 million). Commodity Price Risk Our subsidiaries hold working inventories of refined petroleum products, renewable fuels, gasoline blendstocks and transmix in storage. As of June 30, 2026, we held approximately $1.90 billion of such inventory. While in storage, volatility in the market price of stored motor fuel could adversely impact the price at which we can later sell the motor fuel. However, we may use futures, forwards and other derivative instruments (collectively, “positions”) to hedge a variety of price risks relating to deviations in that inventory from a target base operating level established by management. Derivative instruments utilized consist primarily of exchange-traded futures contracts traded on the New York Mercantile Exchange, Chicago Mercantile Exchange and Intercontinental Exchange, as well as over-the-counter transactions (including swap agreements) entered into with established financial institutions and other credit-approved energy companies. While these derivative instruments represent economic hedges, they are not designated as hedges for accounting purposes. We may also engage in controlled trading in accordance with specific parameters set forth in a written risk management policy. On a consolidated basis, the Partnership had derivative positions on 6.9 million barrels with an aggregate unrealized gain of $63 million at June 30, 2026, for which an assumed hypothetical 10% change in the underlying price of the commodity would result in an impact of approximately $42 million to pre-tax income, excluding any offsetting impact to the inventory that is economically hedged by these open positions. Foreign Currency Translation Risk We generate revenues, incur expenses, and maintain investments and subsidiaries in currencies other than the U.S. dollar. As a result, our reported earnings, cash flows, and AOCI are exposed to fluctuations in foreign currency exchange rates. Changes in exchange rates can affect the U.S. dollar value of our foreign‑currency‑denominated assets and liabilities, as well as the translation of the operating results and financial position of our international subsidiaries. We may utilize derivative instruments, including foreign currency forward contracts and other hedging strategies, to mitigate the effects of foreign currency‑denominated cash flow and earnings exposures. As of June 30, 2026, the Partnership did not have any outstanding foreign currency derivatives. 39