Suburban Propane Partners L P - SPH STOCK NEWS

Suburban Propane Partners, L.P. (NYSE: SPH) announced the election of Matthew J. Chanin as Chairman of the Board, effective January 1, 2021. Chanin, a board member since November 2012, has extensive experience in investment management, particularly in the energy sector. He succeeds Harold R. Logan, Jr., who has been Chairman for 14 years and will remain on the board to aid in the leadership transition. The board emphasizes continuity and growth as the company progresses into a new strategic phase.

Suburban Propane Partners, L.P. (NYSE: SPH) reported a net income of $60.8 million for fiscal year 2020, down from $68.6 million in 2019. Adjusted EBITDA decreased to $253.7 million from $275.0 million, impacting performance due to warmer weather and the COVID-19 pandemic. Revenues also fell 12.6% to $1,107.9 million, with retail propane gallons sold down 5.6%. In Q4, the company posted a net loss of $41.2 million but improved Adjusted EBITDA to $5.5 million. A quarterly distribution of $0.30 per unit was declared, reflecting ongoing commitment to shareholders.

Suburban Propane Partners, L.P. (NYSE: SPH) announced its Fiscal 2020 Full Year and Fourth Quarter Results Conference Call scheduled for November 12, 2020, at 9:00 AM ET. The call will provide insights into the company's financial performance and future outlook.

Listeners can access the call via www.suburbanpropane.com or by phone at (888) 317-6003 with Access Code 6148321. A playback of the call will be available from 12:00 PM ET on the same day until 12:00 AM ET on November 19, 2020.

Suburban Propane Partners, L.P. (NYSE: SPH) announced a quarterly distribution of $0.30 per Common Unit for the period ended September 26, 2020, equating to an annualized rate of $1.20. The distribution is payable on November 10, 2020, for Unitholders recorded by November 3, 2020. The company operates in the energy sector, serving around 1.0 million customers from approximately 700 locations across 41 states.

Suburban Propane Partners, L.P. (NYSE:SPH) has announced a partnership with U-Haul to provide renewable propane in California. This eco-friendly fuel, derived from renewable resources, boasts lower carbon emissions compared to traditional propane. The collaboration aligns with Suburban Propane's 'Go Green' initiative, which aims to promote sustainable energy solutions. The partnership is part of broader efforts to address aggressive carbon reduction goals in the state. This strategic move highlights Suburban Propane's commitment to innovation in the energy sector while supporting environmentally friendly practices.

Suburban Propane Partners (SPH) announced on Sept. 17, 2020, its acquisition of a 39% stake in Oberon Fuels, a developer of renewable dimethyl ether (rDME) fuel. This investment, aimed at reducing carbon emissions, positions SPH strategically to market rDME/propane blends in North America. The rDME fuel offers a cost-effective alternative to diesel, boasting a significant negative Carbon Intensity (CI) value. Additionally, SPH will support Oberon's development of rDME production from pulp mill waste, expected to start in 2021, enhancing its green energy offerings.

On September 9, 2020, Suburban Propane Partners, L.P. (SPH) partnered with the Los Angeles Chargers and Lazy Dog Restaurant & Bar to deliver 1,000 meals to the night staff of Children's Hospital Los Angeles. This initiative, part of the SuburbanCares program, aims to support healthcare workers affected by COVID-19. The company has previously provided relief to frontline workers in several U.S. cities. Children's Hospital Los Angeles is the top-ranked children's hospital in California, facilitating over 600,000 patient interactions annually.

On September 2, 2020, Suburban Propane Partners, L.P. (NYSE: SPH) delivered over 850 meals from Whataburger to Houston Methodist Hospital, highlighting its commitment to community support amid the COVID-19 pandemic. This initiative, part of the SuburbanCares program, aims to uplift frontline workers across various locations, including Chicago and Tampa. Suburban Propane's spokesperson expressed gratitude towards healthcare staff for their relentless efforts during these challenging times. The company continues to emphasize its dedication to safety and community service across its 700 locations in 41 states.

Suburban Propane Partners, L.P. (SPH) announced the delivery of 750 meals from Jersey Mike's Subs to AdventHealth in Wesley Chapel, FL on August 25, 2020. This initiative is part of their SuburbanCares platform, which underscores the company’s commitment to community support during the COVID-19 pandemic. Earlier efforts were made in states like Illinois and New York. Nandini Sankara, a spokesperson for Suburban Propane, emphasized the importance of supporting local communities during these challenging times. The company aims to uplift the morale of healthcare workers amid the crisis.