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Suburban Propane Partners, L.P. (NYSE: SPH), headquartered in Whippany, New Jersey, is a leading nationwide marketer and distributor of propane, renewable propane, fuel oil, and other refined fuels. The company has been serving the energy needs of approximately 1 million residential, commercial, governmental, industrial, and agricultural customers through about 700 locations across 42 states since 1928.
Core Business: Suburban Propane specializes in providing propane, fuel oil, and refined fuels, along with marketing natural gas and electricity in deregulated markets such as New York and Pennsylvania. The company operates in three main segments: Propane, Fuel Oil and Refined Fuels, and Natural Gas and Electricity, with the Propane segment generating the maximum revenue.
Products and Services: Propane, known for its clean-burning properties, is used in residential and commercial markets for space heating, water heating, cooking, and clothes drying. Additionally, industrial customers utilize propane as a motor fuel, for powering engines, and in various process applications. In the agricultural sector, propane serves crucial functions such as tobacco curing, crop drying, and poultry brooding. Suburban Propane also sells, installs, and services heating systems, air conditioning units, and other energy-related equipment.
Environmental Commitment: As part of its commitment to a green energy future, Suburban Propane markets renewable propane and invests in low carbon fuel alternatives. The company's
Suburban Propane Partners (NYSE: SPH) reported a net loss of $17.2 million, or $0.27 per Common Unit, for Q3 fiscal 2024, compared to a net loss of $5.3 million in Q3 fiscal 2023. Adjusted EBITDA decreased to $27.0 million from $33.0 million year-over-year. The company faced challenges due to unseasonably warm temperatures, resulting in an 8.6% decrease in retail propane gallons sold. Despite this, SPH completed two propane acquisitions in Nevada and Florida, investing over $12.0 million, while reducing debt by $10.5 million. The company's RNG operations saw operational improvements, increasing feedstocks processed and daily RNG injection at the Stanfield facility. SPH maintained its quarterly distribution of $0.325 per Common Unit.
Suburban Propane Partners (NYSE:SPH) has declared a quarterly distribution of $0.325 per Common Unit for the three months ended June 29, 2024. This equates to an annualized rate of $1.30 per Common Unit. The distribution is payable on August 13, 2024 to Common Unitholders of record as of August 6, 2024.
Suburban Propane is a publicly traded master partnership listed on the NYSE. It's a nationwide distributor of propane, renewable propane, renewable natural gas, and related products, serving approximately 1 million customers through 700 locations across 42 states. The company focuses on customer service, community involvement, and promoting propane as a clean energy source.
Suburban Propane Partners (NYSE:SPH) has scheduled its Fiscal 2024 Third Quarter Results Conference Call for Thursday, August 8, 2024, at 9:00 AM Eastern Time. Interested parties can access the call via the company's website or by phone. A replay will be available until August 15, 2024.
Suburban Propane, headquartered in Whippany, New Jersey, is a nationwide distributor of propane, renewable energy, and related products and services. The company serves approximately 1 million customers across 42 states through 700 locations. Suburban Propane focuses on customer service, community involvement, and promoting propane as a clean energy solution.
Suburban Renewable Energy, a subsidiary of Suburban Propane Partners, L.P. (NYSE: SPH), has been named a finalist in the Reuters Global Energy Transition Awards 2024. Recognized in the Portfolio Transformation category, the award highlights significant portfolio evolution and a shift towards clean energy. Suburban Propane’s move to form Suburban Renewables in 2022 is a key part of its strategy to diversify its portfolio with renewable propane, rDME, hydrogen, and RNG. The Reuters Global Energy Transition Conference will take place in New York from June 25-27. The company aims to reduce its reliance on conventional energy sources and lead the way in renewable energy.
Spokesperson Nandini Sankara emphasized the company's commitment to the renewable energy future. Suburban Propane serves approximately one million customers across 42 states with various energy needs, including renewable energy solutions. The company also prioritizes community engagement and green initiatives through its Suburban Commitment, SuburbanCares, and Go Green with Suburban Propane pillars. For more details, visit Suburban Propane's website or the Reuters event page.
Suburban Propane Partners, L.P. (NYSE: SPH) has been nominated as one of the '2024 Top Companies for Women to Work in Transportation' by the Women in Trucking Association. This recognition highlights Suburban Propane's commitment to gender diversity and inclusive workplace practices. The company employs approximately 1,180 women, nearly one-third of its workforce, across 42 states. Suburban Propane offers competitive compensation, comprehensive benefits, and promotes work-life balance by ensuring schedules that allow drivers to return home nightly. This nomination underscores the company's efforts to support women's progress in the transportation industry, a historically male-dominated field.
Suburban Propane Partners (NYSE: SPH) marked World Caring Day and World LPG Day on June 7, 2024, with various community and environmental initiatives nationwide. Employees volunteered at multiple organizations, including the Lincolnville Museum & Cultural Center in Florida, the American Red Cross in California, and Keep Austin Fed in Texas. Suburban Propane also engaged in environmental clean-up efforts in locations like Brevard, North Carolina, and Detroit, Michigan, through its 'Go Green with Suburban Propane' program. These actions highlight the company's commitment to community service and sustainable energy solutions, involving over 60 employees and their families.
On May 21, 2024, Suburban Propane Partners (NYSE:SPH), conducted its Tri-Annual Meeting of Unitholders. All eight nominees for the Board of Supervisors were re-elected for a three-year term. The Unitholders ratified PricewaterhouseCoopers LLP as the independent accounting firm for 2024 and approved the Amended and Restated 2018 Restricted Unit Plan, authorizing the issuance of an additional 2,650,000 common units. An advisory amendment approving executive compensation was also passed. Detailed voting results are available on Suburban Propane's website and in their SEC filing.
Suburban Propane Partners (NYSE: SPH), a nationwide distributor of propane and related products, has been recognized in the 2023 Military Times: Best for Vets Employers ranking. This annual survey highlights companies with exemplary military-connected employment programs. Suburban Propane's inclusion among the top 230 employers nationwide underscores its commitment to providing meaningful career opportunities for veterans. The company's 'Heroes Hired Here' program is a testament to its efforts in supporting former military service members. Suburban Propane's dedication to veterans aligns with its core values and commitment to fostering a diverse and inclusive workplace.
Suburban Propane Partners, L.P. (SPH) was recognized by the Nevada Department of Veterans Services for its commitment to hiring veterans. The company supports the Patriot Employer Program and has a workforce comprised of 14.7% veterans. Suburban Propane collaborates with veterans' organizations nationwide and has received recognition for its efforts.
Suburban Propane Partners, L.P. announced earnings for the second quarter of fiscal 2024, with a net income of $111.5 million and Adjusted EBITDA of $147.0 million. The warmer weather affected customer demand for heating purposes, leading to a decrease in retail propane gallons sold. Despite this, the company continues to focus on strategic growth initiatives, including renewable natural gas operations.
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