Suburban Propane Partners, L.P. Announces First Quarter Results

Rhea-AI Summary

Suburban Propane Partners (NYSE:SPH) reported fiscal Q1 2026 results for the period ended December 27, 2025: net income $45.8M ($0.69/unit) versus $19.4M ($0.30) year-ago and Adjusted EBITDA $83.4M, up 10.8% year-over-year. Retail propane volumes rose 4.2% to 110.2 million gallons.

The quarter included strategic activity: issuance of $350M 6.50% senior notes due 2035, two California acquisitions for $24.0M, RNG facility commissioning and a declared quarterly distribution of $0.325 per unit.

Positive

• Net income increased to $45.8M from $19.4M (Q1 FY25)
• Adjusted EBITDA improved 10.8% to $83.4M
• Propane volumes sold rose 4.2% to 110.2 million gallons
• Refinancing extended debt maturities by ~3 years via $350M notes due 2035
• Acquisitions completed in California for $24.0M to expand retail footprint

Negative

• Average Mont Belvieu propane prices fell 14.0% year-over-year, pressuring per-gallon revenue
• Consolidated leverage remains elevated at 4.57x for the trailing twelve months
• New senior notes coupon increased to 6.50% versus prior 5.875%, raising interest cost risk
• Maintenance capital expenditures rose to $6.1M from $4.6M (≈32% increase)
• Growth capital expenditures declined to $13.7M from $19.2M (≈29% decrease)

Key Figures

Q1 2026 Net Income: $45.8M Q1 2026 EPS: $0.69 per Common Unit Adjusted EBITDA: $83.4M +5 more

8 metrics

Q1 2026 Net Income $45.8M First quarter fiscal 2026 vs $19.4M in Q1 2025

Q1 2026 EPS $0.69 per Common Unit First quarter fiscal 2026 vs $0.30 in Q1 2025

Adjusted EBITDA $83.4M Q1 2026, up $8.1M or 10.8% vs prior-year Q1

Retail propane gallons 110.2M gallons Q1 2026 retail propane gallons, up 4.2% vs prior-year

Total revenues $370.386M Q1 2026 vs $373.329M in Q1 2024

Consolidated Leverage Ratio 4.57x Twelve months ended Dec 27, 2025 vs 4.99x prior year

Senior notes refinanced $350.0M at 6.50% New senior notes due 2035 replacing 5.875% notes due 2027

Quarterly distribution $0.325 per Common Unit For quarter ended Dec 27, 2025; $1.30 annualized

Market Reality Check

Price: $20.01 Vol: Volume 143,345 is in line...

normal vol

$20.01 Last Close

Volume Volume 143,345 is in line with the 20-day average of 141,383 (relative volume ~1.01x). normal

Technical Shares at $20.01 are trading above the 200-day moving average of $18.83 and about 10% below the 52-week high of $22.24.

Peers on Argus

SPH declined 0.84% while several gas/utility peers also traded lower (e.g., NWN ...

SPH declined 0.84% while several gas/utility peers also traded lower (e.g., NWN -0.62%, OPAL -2.19%, CTRI -3.21%, MDU -0.57%), with ARIS a notable outlier at +1.72%. This points to a mix of stock-specific and broader sector pressures.

Previous Earnings Reports

5 past events · Latest: Aug 07 (Neutral)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Aug 07	Q3 2025 earnings	Neutral	-2.5%	Q3 2025 net loss narrowed versus 2024 but Adjusted EBITDA was flat.
May 08	Q2 2025 earnings	Positive	-5.9%	Strong Q2 2025 net income and Adjusted EBITDA growth on colder weather.
Feb 06	Q1 2025 earnings	Negative	-4.2%	Q1 2025 net income and EPS declined year over year despite flat EBITDA.
Nov 14	FY 2024 results	Negative	-8.9%	FY 2024 net income and Adjusted EBITDA declined with softer propane demand.
Aug 08	Q3 2024 earnings	Negative	+0.2%	Q3 2024 net loss grew and Adjusted EBITDA fell on warm weather impacts.

Pattern Detected

Over the last five earnings-related releases, SPH has typically seen negative one-day reactions despite a mix of improving and challenging fundamentals.

Recent Company History

Recent earnings history shows SPH navigating weather-driven volume swings and ongoing RNG investments. In Q3 2024 and Q3 2025, warm temperatures weighed on volumes and results, while the FY2024 report highlighted lower net income of $74.2M and reduced Adjusted EBITDA of $250.0M. By Q2 2025, SPH delivered stronger earnings with net income of $137.1M and Adjusted EBITDA of $175.0M. The current Q1 2026 release continues the theme of weather sensitivity but shows improved profitability versus prior-year Q1.

Historical Comparison

earnings

-4.3 %

Average Historical Move

Historical Analysis

Across the last five earnings or results releases, SPH’s average one-day move was about -4.26%, suggesting a history of cautious market reactions to financial updates.

Typical Pattern

Earnings releases show SPH managing weather-driven propane volumes while expanding RNG projects in New York and Ohio, reducing leverage, and maintaining a steady $0.325 quarterly distribution.

Market Pulse Summary

This announcement highlights a strong start to fiscal 2026, with Q1 net income of $45.8M and Adjuste...

Analysis

This announcement highlights a strong start to fiscal 2026, with Q1 net income of $45.8M and Adjusted EBITDA of $83.4M, driven by colder Eastern weather and higher propane volumes. It also underscores continued RNG expansion in New York and Ohio, a refinancing of $350M in senior notes out to 2035, and an improved leverage ratio of 4.57x. Investors may track future quarters for weather variability, execution on RNG projects, and maintenance of the $0.325 quarterly distribution.

Key Terms

adjusted ebitda, renewable natural gas, anaerobic digester, mark-to-market, +4 more

8 terms

adjusted ebitda financial

"Adjusted earnings before interest, taxes, depreciation, and amortization (Adjusted EBITDA, as defined..."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

renewable natural gas technical

"In our renewable natural gas ("RNG") operations, average daily RNG injection for the first quarter..."

Renewable natural gas is methane captured from organic waste—like landfills, farms, or wastewater—and cleaned to the same quality as conventional pipeline gas so it can be used for heating, electricity, or vehicle fuel. Investors care because it turns waste into a revenue-generating commodity, can qualify for carbon credits or government incentives, and can reduce a company's emissions profile, affecting long-term costs, regulatory risk, and market demand much like converting trash into sellable fuel.

anaerobic digester technical

"commissioning process for our newly-constructed anaerobic digester facility in Upstate New York..."

An anaerobic digester is a sealed system that breaks down organic waste—like food scraps, manure or crop residues—without oxygen, producing a methane-rich gas that can be used for heat, electricity or upgraded into renewable natural gas, and a nutrient-rich leftover useful as fertilizer. Investors care because digesters turn waste into sellable energy, revenue from waste processing fees, and potential carbon credits, so they affect project returns, operating costs and exposure to energy and regulatory markets.

mark-to-market financial

"included a $0.9 million unrealized gain attributable to the mark-to-market adjustment for derivative..."

"Mark-to-market" is a method of valuing assets or investments based on their current market price, rather than their original cost or value. It helps investors see the most up-to-date worth of their holdings, much like checking the latest price of a stock before deciding to buy or sell. This approach ensures that financial statements reflect real-time value, providing a clearer picture of overall financial health.

derivative instruments financial

"mark-to-market adjustment for derivative instruments used in risk management activities..."

Contracts whose value is tied to the price or performance of something else—like a stock, bond, commodity, currency or market index. Think of them as a bet or an insurance policy that lets investors gain exposure, hedge risk, or speculate without owning the asset itself; their use can amplify gains or losses and affect a portfolio’s risk profile, liquidity and potential returns.

consolidated leverage ratio financial

"The Consolidated Leverage Ratio, as defined in the Partnership's credit agreement, for the twelve-month..."

A consolidated leverage ratio measures a business group's total debt compared with its ability to pay, by using combined figures for the parent company and its subsidiaries. Think of it like comparing the total mortgage across all properties you own to your overall income or net worth; investors use it to judge how risky the company’s capital structure is and how vulnerable it may be to rising interest rates or income drops.

at-the-market equity program financial

"net proceeds of $3.1 million from the issuance of Common Units under the At-the-Market equity program."

An at-the-market equity program lets a company sell newly issued shares directly into the open market at the current trading price through a broker, rather than in a single, prearranged block. It provides flexible, on-demand access to cash—like drawing small amounts from a credit line—but increases the number of shares outstanding, which can reduce existing shareholders’ ownership percentage and put downward pressure on the stock price, so investors monitor program size and pacing.

environmental attributes regulatory

"The generation and monetization of environmental attributes produced by the Partnership's renewable fuel..."

Environmental attributes are the measurable features of a product, operation or asset that describe its impact on the natural environment—things like greenhouse gas emissions, energy and water use, waste generation, land use, and recyclability. For investors they act like an ingredients label for environmental risk and opportunity: they help gauge potential regulatory costs, operational savings, consumer demand and long-term value, so companies with stronger attributes may face lower risk and attract more capital.

AI-generated analysis. Not financial advice.

WHIPPANY, N.J., Feb. 5, 2026 /PRNewswire/ -- Suburban Propane Partners, L.P. (NYSE:SPH), today announced earnings for its first quarter ended December 27, 2025.

Net income for the first quarter of fiscal 2026 was $45.8 million, or $0.69 per Common Unit, compared to net income of $19.4 million, or $0.30 per Common Unit, for the first quarter of fiscal 2025. Adjusted earnings before interest, taxes, depreciation, and amortization (Adjusted EBITDA, as defined and reconciled below) for the first quarter of fiscal 2026 improved $8.1 million, or 10.8%, to $83.4 million, compared to the prior year first quarter.

In announcing these results, President and Chief Executive Officer Michael A. Stivala said, "The fiscal 2026 heating season is off to a solid start, driven by cooler average temperatures in the Northeast, Mid-Atlantic and Midwest regions of our operating footprint, along with continued positive trends in our customer base growth and retention initiatives, which together enabled us to deliver a 4.2% increase in volumes sold compared to the prior year first quarter. The strong volumes, combined with effective selling price and expense management, contributed to an increase of nearly 11.0% in Adjusted EBITDA for the quarter.  As colder weather and extreme storms have swept across much of the eastern half of the country in recent weeks, our operations personnel are well prepared and working tirelessly to safely meet customer demand."

Mr. Stivala continued, "In our renewable natural gas ("RNG") operations, average daily RNG injection for the first quarter improved compared to the prior sequential quarter and prior year first quarter due to an increase in facility uptime and from the operational enhancements implemented at our production facility in Stanfield, Arizona. We also started the commissioning process for our newly-constructed anaerobic digester facility in Upstate New York during December 2025, and made substantial progress on the construction of our gas upgrade equipment at our existing anaerobic digestion facility in Columbus, Ohio."

Concluding his remarks, Mr. Stivala stated, "During the quarter, we also advanced our long-term strategic growth plans with the acquisition of two well-run propane businesses in California, progressing our capital projects to grow RNG production, and strategically refinancing our 2027 senior notes at an attractive rate and long-dated tenor. We continue to focus on disciplined investments in growth, while maintaining balance sheet strength and flexibility."

Retail propane gallons sold in the first quarter of fiscal 2026 of 110.2 million gallons increased 4.2% compared to the prior year, primarily due to the impact of colder temperatures across much of the eastern half of the United States on heat-related demand and contributions from the Partnership's recent acquisitions, which more than offset considerably warmer temperatures in the West and incremental volumes in the prior year first quarter in the aftermath of Hurricanes Helene and Milton in the Southeast. Average temperatures (as measured by the number of heating degree days reported by the National Oceanic and Atmospheric Administration) across all of the Partnership's service territories during the first quarter of fiscal 2026 were 6% warmer than normal and 6% cooler than the prior year first quarter. Notably, average temperatures in the East were in line with normal and 12% cooler than the prior year first quarter, whereas average temperatures in the West were 24% warmer than normal and 11% warmer than the prior year first quarter.

Average propane prices (basis Mont Belvieu, Texas) for the first quarter of fiscal 2026 decreased 14.0% compared to the prior year first quarter. Total gross margin of $239.5 million for the fiscal 2026 first quarter increased $13.4 million, or 5.9%, compared to the prior year first quarter. Gross margin for the first quarter of fiscal 2026 included a $0.9 million unrealized gain attributable to the mark-to-market adjustment for derivative instruments used in risk management activities, compared to a $3.6 million unrealized gain in the prior year first quarter. These non-cash adjustments, which were reported in cost of products sold, were excluded from Adjusted EBITDA for both periods. Excluding the impact of the mark-to-market adjustments, total gross margin increased $16.1 million, or 7.2%, compared to the prior year first quarter, primarily due to higher propane volumes sold, and an increase in propane unit margins of $0.08 per gallon, or 4.1%.

Combined operating and general and administrative expenses of $155.0 million for the first quarter of fiscal 2026 increased $5.0 million, or 3.4%, compared to the prior year first quarter, primarily due to higher payroll and benefit-related expenses, overtime and other variable operating costs to support the increase in customer demand, as well as higher variable compensation expense associated with the increase in earnings.

In December 2025, the Partnership strategically refinanced its previously outstanding $350.0 million of 5.875% senior notes due 2027 with net proceeds from the issuance of new 6.50% senior notes due 2035 totaling $350.0 million and borrowings under its revolving credit facility. The refinancing extends weighted average debt maturities by nearly three years and provides additional financial flexibility.

During the first quarter of fiscal 2026, the Partnership acquired two well-run propane businesses in strategic markets in California for total consideration of $24.0 million, inclusive of non-compete payments. The acquisitions, along with seasonal working capital, growth capital expenditures for the RNG facilities, and costs associated with the refinancing of the Partnership's 2027 senior notes were funded with net borrowings of $115.4 million under the revolving credit facility and net proceeds of $3.1 million from the issuance of Common Units under the At-the-Market equity program. The Consolidated Leverage Ratio, as defined in the Partnership's credit agreement, for the twelve-month period ended December 27, 2025 was 4.57x, compared to 4.99x for the twelve-month period ended December 28, 2024.

As previously announced on January 22, 2026, the Partnership's Board of Supervisors declared a quarterly distribution of $0.325 per Common Unit for the three months ended December 27, 2025. On an annualized basis, this distribution rate equates to $1.30 per Common Unit. The distribution is payable on February 10, 2026 to Common Unitholders of record as of February 3, 2026.

About Suburban Propane Partners, L.P.
Suburban Propane Partners, L.P. ("Suburban Propane") is a publicly traded master limited partnership listed on the New York Stock Exchange. Headquartered in Whippany, New Jersey, Suburban Propane has been in the customer service business since 1928 and is a nationwide distributor of propane, renewable propane, renewable natural gas, fuel oil and related products and services, as well as a marketer of natural gas and electricity and producer of and investor in low carbon fuel alternatives, servicing the energy needs of approximately 1 million residential, commercial, governmental, industrial and agricultural customers through approximately 750 locations across 42 states.

Suburban Propane is supported by three core pillars: (1) Suburban Commitment to Excellence – showcasing Suburban Propane's almost 100-year legacy, and ongoing commitment to the highest standards for dependability, flexibility, and reliability that underscores Suburban Propane's commitment to excellence in customer service; (2) SuburbanCares – highlighting continued dedication to giving back to local communities across Suburban Propane's national footprint; and (3) Go Green with Suburban Propane – promoting propane and renewable propane as versatile, low-carbon energy solutions and investing in the next generation of innovative, renewable energy alternatives.

For additional information on Suburban Propane, please visit www.suburbanpropane.com.

Forward-Looking Statements
This press release contains certain forward-looking statements relating to future business expectations and financial condition and results of operations of the Partnership, based on management's current good faith expectations and beliefs concerning future developments. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those discussed or implied in such forward-looking statements, including the following:

• The impact of weather conditions on the demand for propane, renewable propane, fuel oil and other refined fuels, natural gas, renewable natural gas ("RNG") and electricity;
• The impact of climate change and potential climate change legislation on the Partnership and demand for propane, renewable propane, fuel oil and other refined fuels, natural gas, RNG and electricity;
• Volatility in the unit cost of propane, renewable propane, fuel oil and other refined fuels, natural gas, RNG and electricity, the impact of the Partnership's hedging and risk management activities, and the adverse impact of price increases on volumes sold as a result of customer conservation;
• The ability of the Partnership to compete with other suppliers of propane, renewable propane, fuel oil, RNG and other energy sources;
• The impact on the price and supply of propane, renewable propane, fuel oil and other refined fuels from the political, military or economic instability of the oil producing nations, including hostilities in the Middle East, Russian military action in Ukraine, global terrorism and other general economic conditions, including the economic instability resulting from natural disasters;
• Economic volatility and downturns, including as a result of tariffs and trade conflict and uncertainty;
• The ability of the Partnership to acquire and maintain sufficient volumes of, and the costs to the Partnership of acquiring, reliably transporting and storing, propane, renewable propane, fuel oil and other refined fuels;
• The ability of the Partnership to attract and retain employees and key personnel to support the growth of our business;
• The ability of the Partnership to retain customers or acquire new customers;
• The impact of customer conservation, energy efficiency, general economic conditions and technology advances on the demand for propane, renewable propane, fuel oil and other refined fuels, natural gas, RNG and electricity;
• The ability of management to continue to control expenses and manage inflationary increases in fuel, labor and other operating costs;
• Risks related to the Partnership's renewable fuel projects and investments, including the willingness of customers to purchase fuels generated by the projects, the permitting, financing, construction, development and operation of supporting facilities, the Partnership's ability to generate a sufficient return on its renewable fuel projects, the Partnership's dependence on third-party partners to help manage and operate renewable fuel investment projects, and increased regulation and dependence on government funding for commercial viability of renewable fuel investment projects;
• The generation and monetization of environmental attributes produced by the Partnership's renewable fuel projects, changes to legislation or regulations concerning the generation and monetization of environmental attributes and pricing volatility in the open markets where environmental attributes are traded;
• The impact of changes in applicable laws and government regulations, or their interpretations, including those relating to the environment and climate change, permitting, human health and safety, derivative instruments, the sale or marketing of propane and renewable propane, fuel oil and other refined fuels, natural gas, RNG and electricity, including the impact of recently adopted and proposed changes to New York law and changed priorities of the U.S. presidential administration, and other regulatory developments that could impose costs and liabilities on the Partnership's business;
• The impact of changes in tax laws that could adversely affect the tax treatment of the Partnership for income tax purposes;
• The impact of legal risks and proceedings on the Partnership's business;
• The impact of operating hazards that could adversely affect the Partnership's reputation and its operating results to the extent not covered by insurance;
• The Partnership's ability to make strategic acquisitions, successfully integrate them and realize the expected benefits of those acquisitions;
• The ability of the Partnership and any third-party service providers on which it may rely for support or services to continue to combat cybersecurity threats to their respective and shared networks and information technology;
• Risks relating to the Partnership's plans to diversify its business;
• Risks related to the Partnership's current and future debt obligations that may limit its ability to make distributions to Unitholders, as well as its financial flexibility;
• The impact of current conditions in the global capital, credit and environmental attribute markets, and general economic pressures; and
• Other risks referenced from time to time in filings with the Securities and Exchange Commission ("SEC") and those factors listed or incorporated by reference into the Partnership's most recent Annual Report under "Risk Factors."

Some of these risks and uncertainties are discussed in more detail in the Partnership's Annual Report on Form 10-K for its fiscal year ended September 27, 2025 and other periodic reports filed with the SEC.  Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's view only as of the date made. The Partnership undertakes no obligation to update any forward-looking statement, except as otherwise required by law.

Suburban Propane Partners, L.P. and Subsidiaries Consolidated Statements of Operations For the Three Months Ended December 27, 2025 and December 28, 2024 (in thousands, except per unit amounts) (unaudited)
	Three Months Ended
	December 27, 2025				December 28, 2024
Revenues
Propane	$	326,390			$	330,283
Fuel oil and refined fuels		18,167				17,661
Natural gas and electricity		5,899				6,053
All other		19,930				19,332
		370,386				373,329
Costs and expenses
Cost of products sold		130,839				147,162
Operating		127,159				123,153
General and administrative		27,873				26,853
Depreciation and amortization		16,864				17,099
		302,735				314,267
Operating income		67,651				59,062
Loss on debt extinguishment		1,183				—
Interest expense, net		19,756				19,612
Other, net		701				19,467
Income before provision for income taxes		46,011				19,983
Provision for income taxes		231				563
Net income	$	45,780			$	19,420
Net income per Common Unit - basic	$	0.69			$	0.30
Weighted average number of Common Units outstanding - basic		66,259				64,497
Net income per Common Unit - diluted	$	0.69			$	0.30
Weighted average number of Common Units outstanding - diluted		66,470				64,756
Supplemental Information:
EBITDA (a)	$	82,631			$	56,694
Adjusted EBITDA (a)	$	83,405			$	75,301
Retail gallons sold:
Propane		110,165				105,739
Refined fuels		4,537				4,367
Capital expenditures:
Maintenance	$	6,113			$	4,618
Growth	$	13,692			$	19,225

(a)

EBITDA represents net income before deducting interest expense, income taxes, depreciation and amortization. Adjusted EBITDA represents EBITDA excluding the unrealized net gain or loss on mark-to-market activity for derivative instruments and other items, as applicable, as provided in the table below. Our management uses EBITDA and Adjusted EBITDA as supplemental measures of operating performance and we are including them because we believe that they provide our investors and industry analysts with additional information that we determined is useful to evaluate our operating results.

EBITDA and Adjusted EBITDA are not recognized terms under accounting principles generally accepted in the United States of America ("US GAAP") and should not be considered as an alternative to net income or net cash provided by operating activities determined in accordance with US GAAP. Because EBITDA and Adjusted EBITDA as determined by us excludes some, but not all, items that affect net income, they may not be comparable to EBITDA and Adjusted EBITDA or similarly titled measures used by other companies.

The following table sets forth our calculations of EBITDA and Adjusted EBITDA:

	Three Months Ended
	December 27, 2025				December 28, 2024
Net income	$	45,780			$	19,420
Add:
Provision for income taxes		231				563
Interest expense, net		19,756				19,612
Depreciation and amortization		16,864				17,099
EBITDA		82,631				56,694
Loss on debt extinguishment		1,183				—
Equity in losses and impairment charges for investments in unconsolidated affiliates		521				22,241
Unrealized non-cash (gains) on changes in fair value of derivatives		(930)				(3,634)
Adjusted EBITDA	$	83,405			$	75,301

We also reference gross margins, computed as revenues less cost of products sold as those amounts are reported on the consolidated financial statements. Our management uses gross margin as a supplemental measure of operating performance and we are including it as we believe that it provides our investors and industry analysts with additional information that we determined is useful to evaluate our operating results. As cost of products sold does not include depreciation and amortization expense, the gross margin we reference is considered a non-GAAP financial measure. 

The unaudited financial information included in this document is intended only as a summary provided for your convenience, and should be read in conjunction with the complete consolidated financial statements of the Partnership (including the Notes thereto, which set forth important information) contained in its Quarterly Report on Form 10-Q to be filed by the Partnership with the SEC. Such report, once filed, will be available on the public EDGAR electronic filing system maintained by the SEC.

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SOURCE Suburban Propane Partners, L.P.

FAQ

What were Suburban Propane (SPH) Q1 2026 earnings per unit on February 5, 2026?

Net income per common unit was $0.69 for Q1 fiscal 2026, compared to $0.30 the prior year. According to the company, net income totaled $45.8 million for the three months ended December 27, 2025, reflecting stronger volumes and margin improvements.

How did Suburban Propane (SPH) Adjusted EBITDA change in Q1 FY2026?

Adjusted EBITDA rose 10.8% to $83.4 million in Q1 fiscal 2026 versus the prior year. According to the company, higher propane volumes and $0.08 per-gallon unit margin gains drove the improvement.

What debt transaction did Suburban Propane (SPH) complete in December 2025?

Suburban Propane refinanced $350 million of 2027 notes with new 6.50% notes due 2035 to extend maturities. According to the company, the transaction extended weighted average debt maturities by nearly three years and added flexibility.

What impact did weather have on Suburban Propane (SPH) Q1 2026 volumes and sales?

Retail propane gallons sold increased 4.2% to 110.2 million gallons in Q1 FY2026, driven by cooler eastern temperatures. According to the company, colder weather in the Northeast, Mid-Atlantic and Midwest supported higher heat-related demand.

Did Suburban Propane (SPH) change its distribution for the quarter ended December 27, 2025?

The Board declared a quarterly distribution of $0.325 per common unit, annualized to $1.30 per unit. According to the company, the distribution is payable February 10, 2026 to holders of record as of February 3, 2026.