Suburban Propane Partners, L.P. reports news around its role as a publicly traded master limited partnership that distributes propane, renewable propane, renewable natural gas, fuel oil and related energy products and services. The partnership also markets natural gas and electricity and develops low-carbon fuel alternatives through its renewable energy platform.
Recurring updates include quarterly financial results, propane volume and margin commentary, commodity-price effects, derivative mark-to-market adjustments and Adjusted EBITDA measures. News also covers common-unit distribution declarations, financing actions involving credit facilities, senior notes and at-the-market equity issuance, acquisitions of propane businesses, renewable energy leadership and commercial partnerships such as its NASCAR fueling and race operations relationship.
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Suburban Propane Partners (NYSE: SPH) announced on April 24, 2023 that its Board of Supervisors approved an expansion from seven to nine members, electing Amy M. Adams and Rommel M. Oates effective May 5, 2023. Both directors will serve until the next Tri-Annual Meeting of Unitholders in May 2024. Ms. Adams, with extensive experience in emerging energy solutions and previously at Cummins Inc., brings a focus on zero emissions and hydrogen technologies. Mr. Oates has over two decades in hydrogen market development and leads companies in energy and technology. Chairman Matthew J. Chanin expressed confidence that their expertise will bolster the Partnership’s investment in renewable energy solutions.
Suburban Propane Partners, L.P. (NYSE: SPH) announced a quarterly distribution of $0.325 per Common Unit for the quarter ended March 25, 2023. This distribution translates to an annualized rate of $1.30 per Common Unit, payable on May 9, 2023, to Common Unitholders of record as of May 2, 2023.
The press release also specified that all distributions to foreign investors are subject to federal income tax withholding at the highest rate. Suburban Propane has been providing propane and related energy products since 1928, serving about 1 million customers across the U.S. from approximately 700 locations.