SUBURBAN PROPANE PARTNERS LP Business Summary

Suburban Propane Partners, L.P. (SPH) operates as a prominent nationwide Master Limited Partnership (MLP) specializing in the retail marketing and distribution of propane, renewable propane, fuel oil, and refined fuels. The company generates revenue primarily through high-volume energy sales to approximately 1 million residential, commercial, industrial, and agricultural customers across 42 states, supplemented by the sale and service of HVAC equipment and the marketing of natural gas and electricity in deregulated markets. Its business is organized into three core segments—Propane, Fuel Oil and Refined Fuels, and Natural Gas and Electricity—alongside a strategic "Suburban Renewables" platform that invests in low-carbon alternatives like renewable natural gas (RNG) and hydrogen. SPH currently ranks as the third-largest retail propane distributor in the United States, positioning itself as a transitional energy leader between traditional fossil fuel giants like AmeriGas (UGI Corporation) and Ferrellgas, and diversified energy services firms like Superior Plus and Star Group. The partnership traces its origins to 1928, founded by Mark Anton, and has been publicly traded since 1996. It is currently led by President and CEO Michael A. Stivala, a long-tenured executive who joined in 2001 and has spearheaded the firm’s strategic pivot toward sustainable energy since assuming the top role in 2014. The senior leadership team includes Michael A. Kuglin, Chief Financial Officer and Chief Accounting Officer, and M. Douglas Dagan, who was promoted in January 2026 to the newly created role of Senior Vice President of Renewable Energy to oversee the company’s portfolio of anaerobic digesters and strategic investments in Oberon Fuels and Independence Hydrogen. The company’s strategic direction is governed by a Board of Supervisors, chaired by Terence J. Connors, that emphasizes long-term unitholder value through a disciplined distribution policy and a robust logistics network of approximately 700 locations.