Suburban Propane

What Suburban Propane does

Suburban Propane Partners, L.P. is a publicly traded Master Limited Partnership founded in 1928 and listed on the NYSE under ticker SPH since 1996, headquartered in Whippany, New Jersey. The company distributes propane, heating oil, and refined fuels to approximately 1 million residential, commercial, industrial, and agricultural customers across 42 states through a network of over 700 customer service locations and a workforce of roughly 3,300 full-time employees. Its go-to-market combines direct field sales, dedicated national account management, an authorized resale partner program, an event-driven NASCAR sponsorship covering 21 racetracks, and self-service mobile and online account tools.

Revenue is generated primarily through usage-based propane distribution at residential, commercial, industrial, and agricultural customer levels, with secondary streams from heating oil and refined fuels in the Northeast, renewable natural gas (RNG) production via anaerobic digestion, renewable dimethyl ether (rDME) blended fuels, hydrogen investments, and Section 45Z production tax credits. The technology backbone includes an Automatic Delivery Forecasting System that schedules fuel deliveries based on consumption data, daily temperatures, and weather-driven usage estimates, plus the proprietary LFC-774 fuel additive for engine fuel customers. Suburban Propane has expanded into renewables through its Suburban Renewables subsidiary, which encompasses SuburbanRNG facilities in Arizona, Ohio, and New York, a 39% stake in Oberon Fuels for rDME, and a minority stake in Independence Hydrogen.

The business model is asset-heavy and weather-sensitive, with Q2 fiscal 2026 revenue of $551.21 million and six-month revenue of $921.59 million, net income of $137.5 million for the quarter, and adjusted EBITDA of $175.3 million — essentially flat year-over-year. The MLP carries $1.33 billion in total debt with a 2.22 debt-to-equity ratio, distributes a $0.325 quarterly unit (annualized $1.30, yielding 6.6%–6.9%), and trades at a $1.26 billion to $1.34 billion market capitalization. Distribution density across 700+ locations, automatic delivery infrastructure, and a 97-year operating history form the primary competitive defenses.

Name

Suburban Propane

Legal name

Suburban Propane Partners, L.P.

Website

https://suburbanpropane.com

Company type

Public

Founded year

1928

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Suburban Propane Partners, L.P. is a publicly traded MLP distributing propane, heating oil, and refined fuels to approximately 1 million residential, commercial, industrial, and agricultural customers across 42 states through 700+ service locations.

Ownership category

akta.pro rank

Product category

Propane and Fuel Distribution

NAICS

Fuel Dealers (457210), Natural Gas Distribution (2212)

SIC

Natural Gas Transmisison & Distribution (4923), Wholesale-Petroleum Bulk Stations & Terminals (5171)

akta.pro primary industry

Residential Natural Gas Sales & Customer Growth (EUAAADAD)

akta.pro secondary industries

Bulk Fuel, Propane & Energy Supply for Farms (Retailer-Operated) (AFABAJAL), RNG Offtake, Marketing & Environmental Attributes (RINs/LCFS/Guarantees of Origin) (EUAAAEAG)

Keywords

• Propane distribution
• Renewable natural gas
• Heating oil delivery
• Commercial fuel services
• Fleet autogas fueling

Headquarters

HQ city

Whippany

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Propane Distribution: Retail propane distribution to residential, commercial, industrial, and agricultural customers through over 700 locations across 42 states
2. Heating Oil and Refined Fuels: Marketing and distribution of heating oil, kerosene, diesel fuel, and gasoline to residential and commercial customers in the Northeast since 1936
3. Renewable Natural Gas (RNG): RNG production from anaerobic digesters converting waste to create renewable natural gas, with facilities in Arizona, Ohio, and New York adding approximately 200,000 MMBtu per year production capacity
4. Production Tax Credits: Recognition of Section 45Z production tax credits on RNG injections, contributing $3.5 million in Q2 fiscal 2026
5. Natural Gas and Electricity: Marketing of natural gas and electricity in deregulated markets through Agway Energy brand

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels7 records

Core offering

Suburban Propane distributes propane, heating oil, and refined fuels to residential, commercial, industrial, and agricultural customers across 42 states through more than 700 local service centers. The company also markets natural gas and electricity in deregulated markets and operates a renewable energy platform (Suburban Renewables) producing renewable natural gas from anaerobic digestion and developing rDME and hydrogen investments.

Product overview

Suburban Propane is a nationwide propane and energy products distributor operating a platform-plus-modules architecture. The core offering consists of residential and commercial propane delivery, heating oil, and refined fuels across 42 states. Supporting modules include agricultural, forklift, fleet autogas, construction, and national account services. Under the Suburban Renewables sub-brand, the company offers renewable energy products including SuburbanRNG (renewable natural gas from anaerobic digestion), Propane+rDME (low-carbon blended fuel), Independence Hydrogen (gaseous hydrogen), and Oberon Fuels (renewable DME). Additional services include tank installation, automatic delivery, budget payment plans, and the Suburban Propane mobile app. The company also maintains a NASCAR partnership providing event fueling services.

Differentiator

Problem solved

Functional benefit

Brands

• Suburban Renewables: Subsidiary leading long-term strategic growth and diversification efforts in renewable energy, encompassing RNG, rDME, hydrogen, and related clean energy investments and operations.
• SuburbanRNG
• Propane+rDME
• Official Propane Partner of NASCAR
• PhilMor the Bobtail
• Suburban Propane 300

Products and services

• Residential Propane Delivery Propane fuel delivery, tank installation and consultation, automatic delivery, and 24/7 emergency service for residential customers across 42 states. Includes budget payment plan, referral program, and mobile account management.
• Commercial and Industrial Propane Propane solutions for commercial, industrial, and agricultural customers including dedicated fueling, bulk delivery, cylinder services, and specialized applications for forklifts, fleets, restaurants, hotels, construction, and farms.
• Heating Oil and Refined Fuels Marketing and distribution of heating oil, kerosene, diesel fuel, and gasoline to residential and commercial customers throughout the Northeast.
• Propane Forklift Fuel Propane fuel for forklifts with proprietary LFC-774 additive, delivering continuous power without recharging downtime and lower capital costs than electric forklifts.
• Fleet Autogas On-site and scheduled propane autogas fueling solutions for fleet vehicles including transit, delivery, service, municipal, and school transportation fleets.
• Builder and Construction Propane Temporary heating solutions and propane installation services for commercial and residential construction projects, including underground tank consultation.
• National Accounts Program Centralized account management program for multi-location commercial businesses with dedicated account managers, custom billing structures, safety training, and bulk dispensing solutions.
• SuburbanRNG Renewable Natural Gas Renewable natural gas produced through anaerobic digestion of organic waste from livestock farms, municipal solid waste, wastewater treatment, and food/beverage production, injected into natural gas pipelines.
• Propane+rDME Blended Fuel Low-carbon blended fuel combining traditional or renewable propane with renewable dimethyl ether (rDME) to reduce carbon intensity in on-road and off-road applications.
• Natural Gas and Electricity Marketing Marketing of natural gas and electricity to residential and commercial customers in deregulated markets under the Agway Energy brand.
• Residential Referral Program Referral incentive program offering 35 gallons of free propane credit to existing customers who refer new residential fuel delivery customers.

Quantifiable outcome

• Propane-powered irrigation engines emit up to 18% fewer greenhouse gases compared to gas and diesel counterparts
• +7 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Nine partnerships are on record, tiered notable, flagship, minor and core.

• ABBnotableTechnology or Integration · 23 June 2026Collaboration at NASCAR San Diego Weekend (June 19-21, 2026) where renewable propane-fueled generators charged battery storage systems that powered Kempower DC fast chargers managed by ABB equipment, demonstrating mobile EV charging solutions
• KempowernotableTechnology or Integration · 23 June 2026Collaboration at NASCAR San Diego Weekend where battery storage systems powered Kempower DC fast chargers for EV charging demonstration using renewable propane as power source
• NASCARflagshipStrategic or Co-development Partner · 24 March 2026Official Propane Partner of NASCAR; expanded partnership to include 21 racetracks across the United States supporting race operations, fan experiences, track drying, RV fueling, and concessions; includes events at Naval Base Coronado and Chicagoland Speedway
• Speedway MotorsportsflagshipStrategic or Co-development PartnerExpanded NASCAR partnership through Speedway Motorsports includes first race sponsorship Suburban Propane 300 at Bristol Motor Speedway, track operations support during inclement weather, track drying, and fueling concessions and campground activities
• Girl Scouts of Northern New JerseyminorGTM or Marketing Partner"Trucks are for Girls: Fueling the Future" event at Suburban Propane headquarters aimed at inspiring girls to pursue careers in energy, sustainability, and transportation
• Women in Trucking AssociationminorGTM or Marketing PartnerPartnership for "Trucks are for Girls: Fueling the Future" event promoting careers for women in transportation and energy sectors
• Oberon FuelscoreStrategic or Co-development PartnerCalifornia-based company producing ultra-low-carbon or carbon-negative fuels including renewable dimethyl ether (rDME); Suburban Propane acquired 39% stake; only domestic producer of renewable DME; partnership advancing Propane+rDME product development
• Independence HydrogencoreStrategic or Co-development PartnerInvestment in Virginia-based company pioneering gaseous hydrogen production, storage, and distribution network for fuel cell grade hydrogen at lower carbon intensity; veteran-founded team with Suburban Propane providing logistics expertise and localized service model
• American Red CrossminorGTM or Marketing PartnerLong-standing partnership supporting disaster relief efforts and community service; SuburbanCares corporate pillar focused on community involvement and service

Scale indicators15 records

Recent moves1 record

Direct peers

• AmeriGas Partners: Largest U.S. retail propane distributor with a comparable multi-state service center model, overlapping customer segments (residential, commercial, agricultural), and a similar MLP-like structure. AmeriGas is SPH's closest direct competitor.
• Ferrellgas Partners: Publicly traded propane distributor (now acquired by Ferrellgas/Blue Flame Holdings) with similar Blue Rhino cylinder exchange and bulk delivery operations across multiple U.S. states. Competes directly with SPH for residential and commercial customers.
• Star Group: Retail distributor of heating oil and propane in the Northeast U.S., directly overlapping with SPH's refined fuels and propane business and competing for similar residential heating customers.

Broad incumbents

• UGI Corporation: Diversified energy holding with AmeriGas (propane), UGI Utilities (natural gas distribution), and midstream gas assets. Provides a directly comparable propane distribution platform plus regulated utility earnings.
• Spire Inc. Natural gas utility holding company operating distribution utilities and gas marketing businesses, comparable to SPH in residential energy delivery but with regulated utility economics rather than MLP structure.
• NW Natural Holding: Pacific Northwest natural gas distribution utility with renewable natural gas investments, comparable to SPH in residential customer relationships and RNG strategy, but operating as a regulated utility.
• Energy Transfer LP: Large MLP with midstream natural gas and NGL operations including propane fractionation and distribution infrastructure, comparable to SPH on the MLP structure and propane exposure but at a vastly larger scale.

Regional players

• AltaGas Ltd. Canadian-based propane distribution and midstream natural gas utility with U.S. propane operations through its AmeriGas export business, comparable in propane retail model but primarily Canadian-domiciled.

Emerging players

• Clean Energy Fuels: Provider of RNG and CNG for transportation fleets with renewable fuel focus. Comparable to SPH's Suburban Renewables platform and overlap in RNG production and low-carbon fleet fueling.

Others

• Oberon Fuels: SPH's portfolio company (39% stake) and the only domestic producer of renewable dimethyl ether (rDME), directly comparable to SPH's Propane+rDME product and Suburban Renewables platform strategy.

Market position

Strengths5 records

Weaknesses5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/suburbanpropane
• Facebookfacebook.com/suburbanpropane

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries7 records

Funding overview

Funding rounds4 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Suburban Propane