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.
On July 21, 2022, Suburban Propane Partners, L.P. (NYSE: SPH) declared a quarterly distribution of $0.325 per Common Unit for the three months ending June 25, 2022. This results in an annualized rate of $1.30 per unit, payable on August 9, 2022, to unitholders on record as of August 2, 2022. Notably, foreign partners should adhere to a withholding requirement at the highest effective tax rates under Section 1446 of the Internal Revenue Code. Suburban Propane, established in 1928, services nearly 1 million customers across 700 locations in 42 states, focusing on propane and renewable energy products.
Suburban Propane Partners, L.P. (NYSE:SPH) has announced its Fiscal 2022 Third Quarter Results Conference Call scheduled for August 4, 2022, at 9:00 AM Eastern Time. Analysts and investors can access the call online or via telephone at (888) 317-6003, using Access Code 9151072. A replay will be available from 12:00 PM Eastern Time on August 4 until 11:55 PM Eastern Time on August 11 by dialing (877) 344-7529, Access Code 4929378. For more information, visit www.suburbanpropane.com.
On July 15, 2022, Suburban Propane Partners, L.P. (NYSE: SPH) announced a partnership with the Saranac Lake Youth Center to distribute hygiene kits and seasonal clothing to local teens in need. This initiative is part of Suburban Propane's SuburbanCares program, supporting community efforts across the U.S. Items included personal hygiene products and clothing purchased from local merchants. The Saranac Lake Youth Center, serving students in grades 6-12, aims to support personal growth and responsibility. This effort underscores Suburban Propane's commitment to community service.
Suburban Propane Partners, L.P. (NYSE: SPH) announces that President and CEO Michael Stivala has been appointed Chairperson of the New Jersey Regional Council of the American Red Cross, effective July 1, 2022. Stivala, who has served on the Council since January 2020, will provide guidance to support the New Jersey Region, which serves over 8.8 million residents. The company has partnered with the Red Cross since 2012, assisting in blood collection and disaster relief efforts.
Suburban Propane Partners, L.P. (NYSE: SPH) announced its partnership with Big Brothers Big Sisters of Central Montana to provide matching funds for their summer celebration at Flying Giant Adventure Park. This initiative, part of Suburban's SuburbanCares program, aims to support mentorship for children aged 6-18 in the community. By enabling new matches between mentors and youth, the collaboration seeks to enrich the lives of local children. The company continues to engage in community initiatives across the U.S., emphasizing its commitment to social responsibility.
Suburban Propane Partners, L.P. (NYSE: SPH) announced a partnership with Veterans Bridge Home (VBH) to support veterans transitioning to civilian life. The company organized a lunch for about 50 military personnel to discuss career opportunities and will sponsor a five-class seminar for active military through partner Patriots Path. This initiative is part of Suburban's broader SuburbanCares program aimed at community support. The partnership underscores Suburban's commitment to military and veteran employment initiatives.
Suburban Propane Partners, L.P. (NYSE: SPH) announced a new agreement with Adirondack Farms to construct a biodigester system in Clinton County, New York, aimed at producing renewable natural gas (RNG) from dairy manure. This strategic move is part of Suburban’s commitment to expanding its renewable energy portfolio through its subsidiary, Suburban Renewables. The partnership will not only provide RNG for the natural gas distribution system but also generate nutrient-rich digestate for farm use, supporting local sustainability efforts.
Suburban Propane Partners, L.P. (NYSE: SPH) and Iwatani Corporation of America announced a strategic collaboration aimed at advancing low-carbon energy solutions in the propane market, including Propane+rDME. The partnership will utilize Iwatani's R&D facilities to test material compatibility and emissions profiles to support the adoption of Propane+rDME in the U.S. and Japan. Additionally, the companies plan to explore hydrogen distribution opportunities in the U.S. This alliance aligns with Suburban Propane's commitment to cleaner energy and their recent 25% equity stake in Independence Hydrogen.
Suburban Propane Partners, L.P. (NYSE: SPH) has launched a campaign to promote blood donations through a collaboration with the American Red Cross and Hall of Famer Jerry Rice. Running until May 19, those who donate will have a chance to win a travel trailer RV and receive a $10 e-gift card. This initiative is part of SuburbanCares, which emphasizes community support. The company, which services over 1 million customers across 42 states, continues to emphasize its commitment to social responsibility amidst ongoing operations in renewable energy and propane distribution.
Suburban Propane Partners, L.P. (NYSE:SPH) reported a net income of $175.1 million for Q2 FY2022, up from $127.2 million in Q2 FY2021. Adjusted EBITDA slightly increased by 0.3% to $172.5 million. Despite challenges like high commodity prices and warm weather reducing propane sales by 5.8% to 159.2 million gallons, the company expanded its customer base and reduced debt by $42.0 million. The gross margin rose to $349.1 million, aided by effective risk management and commodity hedges. A quarterly distribution of $0.325 per common unit was declared.