Star Group is the largest retail distributor of home heating oil in the U.S., serving roughly 469,600 residential and commercial customers across 13 states and Washington D.C., with about 59% of customers concentrated in New York, New Jersey, and Connecticut. Star also distributes propane as a secondary fuel. Star operates under multiple regional brand names—including Petro Home Services, Meenan, and Griffith Energy Services—to preserve local identity. Beyond fuel delivery, Star installs, maintains, and repairs HVAC equipment and provides service contracts, a business that accounts for roughly 19% of total revenue and is less seasonal than fuel distribution. Star's core business is deeply seasonal, with about 80% of heating oil and propane volume sold between October and March, and the company typically posts losses in spring and summer. Star earns a per-gallon margin over wholesale cost on fuel, passing commodity price movements through to customers. Profitability is driven by volume sold (heavily weather-dependent), per-gallon margin, and the size of the customer base. Because the cost structure is largely fixed, volume swings have an outsized impact on earnings. Star uses derivatives to hedge price-protected customer commitments and weather hedges to partially offset warm-winter volume risk. The home heating oil market faces structural decline as customers convert to natural gas and heat pumps, so Star relies heavily on acquisitions to offset organic attrition—completing 9 acquisitions over the past two fiscal years. Star is structured as a limited partnership but is taxed as a corporation.